Ann: Onslow Iron site visit presentation, page-79

"Or are they going $57USD and 85% realisation equals minco CFR?"

Yes, Break even

• Platts 62% at US$57
• -$8.50 for grade discount (85%)
• -US$4 Adjusted for moisture of 8%
• -US$3 Royalty (@US$57)
• -US$9 Shipping
• FOB=US$32 wet = AU$49
• But add ~$2 for sustaining capex..so real break even is around US$60 something in my opinion...

Break even has gone up from $54 to $57... not a big deal... but risks are still there....
e.g

• Target of $49 is not yet reached.
• Discount rate of 85% is very good.... historical norm is in the 70s
• Inflation will hit....
• Debt outside of the carry loan is >$4.6 billion (correct????), with interest around A$350/year