Ann: Letter to Shareholders re EGM, page-24

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04/07/24

11:13

Post #: 74603340
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Originally posted by fjapoijaj ↑

ktex7 reply
A small group attended that meeting other than directors and staff.. I had the feeling that we were all positive about management and the project.. Points to note were that the pipe to the port idea is probably shelved due to the amount of red tape required going through private properties to get to port. directors still putting in cash for shares in the project. No more progress on the investor side of things. As outlined previously, steel makers wish to lock in supply ahead of a possible short fall later on in regard to high quality iron ore. but no guarantees that anything will come of that. Wait and see over the next few months. There is a plan B, what that is hasn't been explained. Perhaps just a delay in project. It is valuable to
attend meetings as i for one came away with a more solid understanding of the project. I was concerned about the amount of tailings that would
be produced and logistics in handling this but after listening to management don't think it is a big issue. especially too if they can get good infill drilling done and extend the resource under the shallow cover. DRI of 15 percent or more.

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OUCH!!!

'""no more progress on the investor side of things. As outlined previously, steel makers wish to lock in supply ahead of a possible short fall later on in regard to high quality iron ore. but no guarantees that anything will come of that. Wait and see over the next few months. There is a plan B, what that is hasn't been explained"""

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Ann: Letter to Shareholders re EGM, page-24

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