Ann: Proposed Divestment of Paulsens East Iron Ore Project., page-59

I was thinking of sending an email to Wellborn (FEX) about SRK as a shareholder but never did. I think you're right as SRK are too far north.

FEX deals signed haven't been for big money, so I think $20m is fair. It's not easy making money that far from Port. FEX got lucky with their first year of operation and have been able to hedge IO prices and keep costs low with the Fenix/Newhaul logistics JV then buyout. That has cost them a lot in shares and future bonus shares.

The debt was always the issue here, management got caught with their roosters on the block and got chopped!