Ann: Magnum Mining Presentation, page-28

that is pretty spot on and I agree.

the only thing i find as interesting is that it has gone from broad presentation of wording to specific presentation of wording, have a look back at previous Ann when they mentioned offtakers, it was just in talks with various offtakers.

now saying USA STEEL MAKERS "plural" and offtakes "plural"

because they have waste and pig iron to sell, (stated in the same sentence) and now BIO PCI , but not mention of this in the wording as I suspect this is a new addition since Neil jumped on board.


we can essentially have the potential of 4 incomes from the project

-HIGH GRADE IRON ORE (2026 onwards)
65% FE through beneficiation (if iron ore price stay stable above cost price) this can also be done in conjunction with providing the magnetite for the pig iron operation through ramping production and stockpiling.

- BIO PCI (mid 2024 onwards)
steel markers will be looking at reducing their carbon footprint without having to spend the capital on electric arc furnaces. a lot of steel manufacturers will look at small changes like this, rather than drastic changes striaight away. so I'm excited about BIO PCI, as the current modeling shows prices in the range of 130-236 US per tonne and carbon taxes will be between 47 and 197 US per tonne to facilitate the substitution.

the BIO PCI section is actually a really smart near term revenue generator and adds to the carbon offset profile before the pig iron plant is built, the credits accumulated during that period will certainly offset costing in the early stages of paying down the debt profile of the cost of construction.

- PIG IRON (mid to late 2026)
we know the current pricing is 1030 US per tonne but will likely cool to 400-600 per tonne by the time they get to production. so if the costing was 300$ per tonne, and you now add in the metric found on the carbon tax credits, I have now seen we have a much better margin than I anticipated.

WASTE- (mid to late 2026)
not sure on any metrics on the waste as I'm not fully understanding what is counted as waste and what the specifics are, but one could assume this could offset some of the costs involved in production along side carbon credits to reduce the total cost of production significantly.