Ann: Iron Bridge Magnetite Project Update, page-11

Hi @poyndexter,

FMG are almost at the backend of the Iron Bridge capital and they're very close to free cash flow, so that's going to mean returns from Iron Bridge, an important part of the bigger picture going forward.

The company have stated numerous times in presentations that the Iron Bridge is going to be all about monetising that ore body, with a lower energy intensity and a lower cost of energy. What's that mean? As they continue to add renewable energy to their network, their costs are going to come down (things they can control). Their focus has always been on keeping their operating costs as low as they can.

They've successfully piloted at commercial scale US$500 million pilot plant Iron Bridge. This project is big on so many fronts. It's going to open up many opportunities, not just economic benefits.

This is breakthrough technology.

This is going to be exciting once they start to fully commission and ramp up Iron Bridge.

Cheers,

Tony