Overall, pretty positive investor briefing combined with the...

Overall, pretty positive investor briefing combined with the presentation. Much better than last qtr not just in the numbers but also the delivery.

Good to see both Brierly and Wellborn and they addressed all the questions as far as I could tell.

The key takeaways for me were:

• overall favourable market conditions in the last qtr, with i/o increase, sea freight costs down, hedge in the money
• fenix model is to find a timely, cost effective, small scale but high value project to generate wealth
• plenty of options in the mid west zone, but will also review iron ridge first and the port facilities in geraldton
• $10m tax payment to be made in may, and then onto monthly instalments
• QP explanation was provided - 2 weeks before shipment arrives and then the final price is N+1, which is calculated as the average price in that month a month after the shipment sails
• Hedging strategy will be reviewed
• Premium is being received on FEX ore, but it depends greatly as lump sales vary a lot, however premium on fines helps overall revenue received
• Noted difference in quotation for cfr and fob needs to be taken into account when observing i/o pricing

If all goes fairly well this next qtr, should see quite a decent dividend (notwithstanding i/o pricing, force majeure, overall market conditions).

Overall today and last few weeks, price has been building. Most of the market was down today but fact is, FEX is 57% cash backed to its MC which is simply, insane and is what kept most of the price stable. Yes a lot of cash to be sitting on, but in this market, its not the worst thing yet. What is worse is overpaying for a project that bleeds money.