Ann: Presentation to Asian Steel Mills and Iron Ore Traders, page-79

We both agree on the fundamentals of iron ore due to the Chinese domestic consumption collapse and the subsequent impact on the world market in steel price and iron ore prices. However, it doesn’t mean every iron ore company is going to be downgraded by default or none will have any value. Roba mesa got taken over for 102 million dollars and caused the sp to move 80 percent higher. Eqn is worth 30 mil mc. Section 18c being approved means the asset can at the very least be sold. Even if one sold this for half the price of Roba mesa you have a 70 percent increase in market value. I assume the asset would be worth more but let’s go depreciated value. The same applies for bre nearology. Eqn are next to
mining magnates who would not hesitate throwing 100 million just for fun. If eqn get bre grade hits, what do you thin bre will do to secure greater reserves? Either become a cornerstone investor or buy out the asset. These are the possibilities to a 30 mil mc that keep me in eqn with the hope of earning at least 1-2 bags this year and much higher if things go to plan.