Ann: Non Renounceable Rights Issue Prospectus, page-41

Good morning,

As I mentioned in my last post, the Pyramid prospect could end up being a huge mountain of high-grade magnetite ore (hence the extremely high measured magnetic signature i.e. 10,000 nT), which would be a major discovery in its own right.

There is already a strong trend emerging towards green hydrogen processes which should favour magnetite ores over hematite ores in the future. For instance, Fortescue (FMG) is building a magnetite operation in the Pilbara called Iron Bridge, whose first production is scheduled to begin by the end of 2022. The Iron Bridge Magnetite Project will be one of the first of such ventures globally, and will deliver 22m tonnes of high grade 67% Fe magnetite ore per year.

Thinking outside the square, if Conico were to discover high-grade magnetite ore at Pyramid, and in massive tonnages, I could well imagine this magnetite ore being mined and shipped to nearby Iceland where it can be smelted and turned into steel. Indeed, Iceland has already attracted metal producers who are seeking to significantly lower the carbon footprint of their metal products, by making use of Iceland's renewable energy. And I know, Iceland has plenty of renewable energy and is therefore very hungry for more metal production business (from Conico in Greenland?).

See links:

https://www.greenbyiceland.com/metal-production/

https://www.un.org/en/chronicle/article/icelands-sustainable-energy-story-model-world


Wishing you all a good day.