Ann: Placement to continue Strategic Investor Process post PFS, page-8

No one likes a cap raise but if you have to do one, this is the way.

New and first institutional investor. These guys almost only invest in $50m + market cap businesses so you can see where they’re going with this. Given the size of the raise, this must only be a taster for them (I’m guessing they were scaled back, but this is just speculation) so watch out for more buying on market.

New and first real iron ore or steel participant buying in. Very interesting. Obviously they’re not doing it to flip a turn and sell. They’ll be looking for either the project itself or positioning itself to provide funding. Will also send a huge signal to other industry players to get a move on. Matter of only weeks to PFS now.

And ALL of board and management. That is always a big sign of confidence and given the derisking events coming up that must be particularly true here.

Finally, as and when news drops no one needs to worry about another imminent TH and cap raising so we finally may have the brakes off for any decent run.

Watching patiently for signs our new insto and/or strategic are hoovering up loose shears on market.

Exciting times.