Ann: MGU pig iron strategic focus, page-12

I would expect the Company to be favourably re-rated as milestones toward production are steadily ticked-off and the project is progressively de-risked, Lat - rather than on the day first Pig Iron pours from the belly of the kiln, and it's a fait accompli that MGU is a billion dollar company.

Between now and then there's plenty of scope for share price appreciation, and it'll be during this interval - over the next 18mths/2yrs - that it'll happen, in my view.

Indeed, I'd argue we're starting from an already artificially low base, brought about by disappointment and misunderstanding over the importance of DSO to the real cash-cow, which was always on-site integrated Green Pig Iron production.

Thrown out in the dummy spit was the $34M that established Buena Vista as a premium quality magnetite JORC 2012 resource, with a long (and readily expandable) mine-life, almost perfectly fit-for-purpose ore, and located in the ideal mining jurisdiction and, uniquely, on the US west coast.

Since then, extensive testwork has proved Buena Vista 100% biochar green Pig Iron is a premium feed for Electric Arc Furnace (EAF) steel making,

And world events have seen PI prices going through the roof.

The global Merchant Pig Iron Market in 2019 was approximately US$5B.

The market is expected to grow at a compound annual growth rate (CAGR) of 8.7% and is anticipated to reach around US$124B by 2027.

Now, a detailed Engineering Study is underway to define the most appropriate scale of project and technology for manufacturing Pig Iron at Buena Vista.

At some point, these factors will bite. Never fear.

Markets don't remain irrational forever.