Things that stood out to me were :- The Company successfully...

Things that stood out to me were :-

The Company successfully completed the commissioning of the plant and transitioned to 3 shift operations in the last part of the year. Post the end of the year the company commenced sales to domestic steel producers.

With extended rainfall experienced during the half year, the Company made the strategic decision to complete a testing and plant re- configuration programme. This was recommended by Xinhai and is designed to increase both yields and grades in the Phase three wet plant expansion.

Minera has communicated that they desire a minimum of 15,000 tonnes per month of premium 60/61 Fe product for their operations which currently require between 70,000 and 80,000 tonnes per month of iron ore.

Subsequent to the period, the Company commenced delivery into the BMM order.

Subsequent to the period, the Company commenced delivery into the JSW order.

GoAP Cabinet and associated Industries and Commerce Department approved and instructed the Kurnool District Collector to immediately allocate 20 acres of Government land adjacent to the existing NSL stockyard. This is to be utilised for the upcoming Phase 3 wet plant expansion and laying of a bypass road.

Page 12 - Cash Receipts from Customers $560,265 !!!!!!!


I for one am very happy with this report. GLTAH