Ann: Positive PFS Results for Razorback Iron Ore Project, page-474

The traders have full control over this now. Have seen it happen on IXR. If you underwhelm on a PFS / Scoping Study, the market will find any excuse to punish you. Add in stop losses, retail fear and social media mongering and it's a snowball effect.

Management need to realise that they are being compared to CAP and other projects on a project NPV basis and are falling well short on that metric.

They need to sell the story around being 'capital light' for a large scale magnetite production and the significant potential for expansion harder.

It just feels like the PFS was a very technical document and that's all good but the key messages need to be sold better otherwise the market will spin its own narrative which it has.

I'm also surprised they didn't try to go for a ramp up in production level and take advantage of the much larger indicated resource.

Anyway now to let the dust settle...