Sorry guys but hematite at those grades are not worth much...

Sorry guys but hematite at those grades are not worth much particularly with the level of contaminants they have. If it was magnetite it would be a different story given magnetite can be easily upgraded.

Contaminants are too high also. P of <0.10 is normally acceptable with <0.05 attracting a price premium, there are large penalties for high P values. LML's P is considerably high. This would be the main concern for LML. Sure they may find areas of enrichment along the 5km+ BIF horizon, but it is now likely to have unacceptable levels of contaminants.

That would be why they released it after the market closed. They think it is bad news.