Ann: Half Yearly Report and Accounts, page-3

yes, and they include $76m as exploration and evaluation asset which must be PIOP and Canegrass.
So just what is PIOP worth if BBIG and FMS do not reach agreement????

FMS is only solvent because it receives funding from BBIG for any unspent funds BBIG does not spend on the BFS.

So BBIG can just walk away from BBIG by giving notice. I cannot remember what the notice period was, but it was not much time.
BBIG then has to pay the remainder unspent of the $15m p/a.

But point is, if BBIG walks away from J/V, then FMS is right back where it was maybe 5yrs ago.
It will have a stranded iron ore asset - no funds to develop it, and no funds to export the ore.

So after maybe 20yrs of looking to develop PIOP, would it be worth $76m ??

If it cannot get the mine developed when iron ore prices are at historical highs, what chance have they got?