Ann: MOU between Vale and CLE for development Iron Bear Project, page-13

I like this
"CLE says the formal agreement will establish definitive terms, project governancestructures, and funding schedules for the continued advancement of Iron Bear." Formal agreement will make sure that the project runs.
And this
"CLE is positioning Iron Bear as a low-carbon DR pellet project with a rapid developmentplan involving bulk samples of DR and blast furnace (BF) concentrates scheduled to beavailable for steel mill clients in the fourth quarter of this year.
DR and BF pellets from Iron Bear will be available for potential offtake clients in thesecond quarter of 2025." A few takeoff agreements will get this happening quicker.
This will be 2 years for DTM, 2 years to build and 2 years payback.