This is a useful report for a number of reasons:- It provides...

This is a useful report for a number of reasons:

- It provides independent validation of the flowsheet, which appears to have been sought after by prospective CEIP partner(s)
- It demonstrates that while the CEIP in situ percentage appears poor vs other magnetite deposits, 60% rejection of the ROM mass at the magnetic separation step is possible which significant reduces the amount of mass flow which enters the grinding circuit & lowers opex
- Magnetite ores such as WA are finer grained, harder and more abrasive than the CEIP magnetite which goes to higher processing and operating costs - ores ain't ores
- The finished product has a mass recovery of 37% and an iron recovery of 90% which is favourable / very high vs under construction peers
- It highlights that the CEIP concentrate can potentially be marketed to Chinese and non-Chinese steelmakers

I think the market may be spooked by the 15.9% Fe grade of the ore but this independent study validates the flowsheet for IRD. That's why you can't just look at head grade you need to look at the flow sheet, metallurgy and end product characteristics to form a view on the economics of a project.

A strategic partnering deal on CEIP appears to be the key catalyst from here to unlock value.