Ann: Mardie Project Update, page-12

Mac I agree with your sentiment but there is and has been for a long time a direct correlation between IOP and BCI SP. I don’t get it myself but it seems to exist.

If you look at IO stocks over the last year, BCI often follows the group. I know many will point out that in April they all seemed to peak before dropping in June and that such movements mirrored the wider market. Maybe, but it also mirrors IOP as we are seeing now.

BCI is still not being seen as a salt producer, which is correct as they are yet to fill their initial ponds. I’m a long term holder who sees the potential but no matter how optimistic I am, imo we still have a couple of hard years in front of us before we see revenue from anything but Iron Ore. Whilst that remains the case, IOP will continue to influence our SP, albeit less & less as we get closer to first salt sales.