Ann: FIRB Approves WISCO Investment , page-16

Hi Guys,

Good on Yaqona and others for locking in some profits yesterday and carrying the rest.

CXM, however, must be a long term hold for current shareholders given the cash position (limited downside risk) and the growth opporunities ahead.

1) It will be a profitable PRODUCER and EXPORTER of iron ore by June next year, exporting up to 1.6mt pa.

2) It has just secured a truckload of cash from WISCO

3) It is likely to do the same from Baosteel soon

4) It is effectively free carried into the first $75 mill of a BFS for the WISCO JV tenements, of which if successful CXM will hold a 40% stake AND have a partner that has the resources and has committed to facilitating funding for the development of the mines

5) Intention to develop export shipping infrastructure that will reduce mining costs AND allow third party revenue

6) Additional tenements that are currently being explored all within geographic range of their proposed infrastructure

6) All on a reasonable timeframe

Although smaller and with some exploration risks, it is possible to work out what market cap CXM COULD get to based on proposed export volumes of iron ore and comparing to where FMG is now.

Enjoyed the small paper gain yesterday but have decided to ride this potential multi-bagger all the way!

Cheers
John