Mypreviously post on 24/9/2019 included the following...

Mypreviously post on 24/9/2019 included the following paragraph:

“I was comforted by theprocess that was explained for the appointment of an Independent Expert. It was not mentioned at the meeting but manyof us remember that an Independent Expert recommended that the offer from TIO(NZ)Pty Ltd of 2.5 cents per share in 2016 was “fair and reasonable”. I am sure that they understand that anyproclaimed “fair and reasonable” proposal will be dissected in great detail bywell informed, experienced and knowledgeable shareholders.”

What I failed to think through wasthat the critical element is that the Independent Expert will have tounderstand the TOTAL PICTURE of the value of our PIOP. As the Board will be providing the IE withthe information I am not at this stage, convinced that they will provide the IE with that TOTAL PICTURE.

PIOP is now an integral part of theentire BBIG Project. It is not just a stranded resource with just iron ore stuck in the ground as the FMS Chairman previously claimed.

PIOP has taken years and years with the expenditure of much money and has;

· all theapprovals and work done on its resource,

· therail going straight to PIOP mine site,

· is thesubject of the State Rail Agreement,

· all theenvironmental approvals,

· indigenousapprovals,

· much constructiondesign work done,

· off-takesin place and significantly

· requiredfor BBIG funding agreements

BBIG has spent a fortune and time onthis specific mine which has added huge value to PIOP.

So in retrospect, while I am OK with the process that was explained for the appointment of an Independent Expert, we need to know that the Board will provide the IE with the TOTAL PICTURE, some of which is listed above.

So when IER is done, they need tolook at the value of iron ore in ground AND the PIOP as the most importantelement of the integrated project.

Remember, in2016 an Independent Expert recommended that the offer from TIO(NZ) Pty Ltd of2.5 cents per share in 2016 was “fair and reasonable”. Many accepted that assessment allowing TIO(NZ)Pty Ltd to lift their holding of FMS by 33.13% thus taking its ownership from 19.51% to 54.64%.