Ann: GWR to IPO Wiluna West Gold Project, page-70

We didnt make a deal with FEL, we made a deal with Gold Valley Iron who got FEL on board and gave them 51%. Gold Valley deal was made Aug-Oct 2019 when IO was priced under $100. It made sense at the time.

Now that GWR will be IO only company, it could be sold to another big producer looking to grow such as Mineral Resources.

There are 3 possibilities I can see.

1) Continue production at the current pace, soon as IO price pulls back we are stuffed. Pointless to have 130mt resource and only pulling out 1m a year when you're allowed to do 7 + 3 if you count JWD.

2) Increase production either by spending big $$ or bringing a JV partner in ie) Mineral Resources and ramp up annual production.
**One issue with going alone is the current haulage model wouldn't be able to handle this, struggling as it is**
***JV with MIN would make more sense as they have the resources to improve the logistical issues we have***

3) Sell the project (Mineral Resources), reward shareholders and then focus on the Gold Project.

$4 per tonne x 130t would be $520m or $1.50 per share approx. Great deal for GWR and shareholders, GWR is not going to become the new Mineral Resources, Mineral Resources will be the next FMG and GWRs IO deposit will go along way to making that possible. Up to 10mtpa, LOM 13 years.