Ann: Premium Product Iron Grades Achieved at Bekisopa, page-3

Yeah, I am keen to understand management's plan and proposed timelines also.

So what comes next?

Disclaimer: below not all of my content, and a lot is paraphrased from an article at FreshEquities - /resource-centre/what-are-the-stages-of-a-mining-project

Essentially there are 3 phases that we really care about:

- Exploration
- Development
- Production

With JORC slated for the end of year (but let's say early next year in order to manage expectations), we will have completed the bulk of the exploration phase which consists of Surveys, Sampling and Drilling.

The Development phase is next, which can also be divided into 7 key parts (note, there are many other things that happen in this phase):
- Numerous Studies (see below)
- Agreements
- Funding
- Permits and Approvals
- Engineering and Design of the plant
- Purchase of long lead-time items
- Final Investment Decision (FID)

So early next year, we should commence the studies phase, which includes is also broken into 3 parts
Scoping Study (SS): an initial study used to define the potential metallurgical process of a project and the overview of unit operations required. Data used is preliminary in nature. Capital and operating expenditures are typically bound to a +/- 40% accuracy range.
Pre Feasibility Study (PFS): A more detailed and informative study that contains information such as ore composition, detailed testwork and advanced process designs. Capital and operating expenditures are bound to +/- 30% accuracy range.

Feasibility Study (DFS / BFS): Definitive or Bankable Feasibility Studies are advanced stage works and based on finalised process designs for the project. Most input elements are defined with up to 30% of the engineering definition completed. Capital and operating expenditures are bound to +/- 15% accuracy range.

How long these will take is contingent on too many factors, but I think an estimate of about 2 years (+/- 6 months) to complete feels about right for me.

Development will have its own set of challenges, but it is so far away, I am not even going to go in to that at the moment, but we will have the myriad of challenges related to the lack of infrastructure with power, roads and bridges, and no doubt 1000 other things that need to be solved or built that don't traditionally pose problems in more developed countries (or at least to the same scale).

Basically it isn't going to be a straightforward Explore > Develop > Build process that can be completed in a couple of years in Australia, but I believe the potential pay off is worth the risk.