The Scorpion JV is nothing but a long shot, it is a pure speculative play that provides no concrete future for the company. IMO the odds of finding a feasible resource (greater than 64%, low alumina) is a 100/1 chance. If this long shot does occur, the C1 costs will make it unviable if there is a IO glut.
IMO, to give the market confidence for the long term viability of the company, FEX needs to buy/acquire another project that has lower C1 costs than Iron Ridge, or go and find numerous other tenements in different areas of Australia and go and drill the life out of them.
Ann: Presentation to Global Iron Ore & Steel Forecast Conference, page-5
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