Hi Georgia and FMS holders. I haven't looked in on FMS for a...

Hi Georgia and FMS holders.

I haven't looked in on FMS for a while, it's saddening and frustrating to see nothing has changed.

You may have guessed, I got out a while back (over a year now) and took my investment dollars, or at least those held in FMS, in another direction.

I had a bit of a reset moment, and thought strategically about what I wanted from an investment, and more importantly, the company I was invested in. I realised that I was doggedly hanging on to FMS, simply out of sheer bloody-mindedness. The rational being, there's over a billion tonnes of Iron Ore in them there hills, how can this not become a success?

But in resetting my outlook, I considered the bigger picture, and realised that a good "product" is not enough. It has to backed up by a good company and most importantly, good management.

I still strongly believe that PIOP will one day be mined and profits made. I just don't think it's going to happen in a timescale that suits my life plans (I hope for all remaining holders I'm wrong on that, and it turns around tomorrow!).

There are just too many obstacles in the way right now: -

- Todd has no real experience or drive to deliver a project like this. Since I first invested, Todd has tried to shake off mum and dad investors. They continue to try, and if they so choose, have all the time in the world to handbrake this.
- The board, through choice, or ability is impotent. Whatever the reason for this, we arrive at the same conclusion; they don't have integrity or self-awareness. If they are deliberately frustrating the project, that would be unforgiveable, but, if they are genuinely trying to get the project up, they've been trying for 10 years now, with a government backed rail plan and over a billion tonnes of ore, and they still can't get it done. In fact, they seem no closer to getting it done than when I first invested. If this is the case, their lack of self-awareness or integrity, in not saying "you know what, we had a crack and couldn't pull this off. Let's step aside and let another group have a go" is astonishing. They are happy to suck at the FMS teat until there is nothing left. I'm amazed that out of sheer embarrassment, none of those long termers have stepped down.
- The market is cyclical, and as Georgia mentioned, FMS sat twiddling its thumbs through the most profitable Iron Ore period in our history. If they could not fund the project then, when could they?
OCJ - And this is very much a personal opinion. You can drop a warm, smiling representative into the mix, but was does that mean? We never got the smallest titbit of information from OCJ or their rep. It was a one way street of sharing our thoughts and plans. When push came to shove, OCJ did exactly what you'd expect of a Chinese owned company investor - they did exactly what suited themselves, and dare I say, the Chinese state. The rug was pulled out from under us by our "brother (or sister?) in arms". OCJ will only ever look after OCJ and the Chinese national interest IMO and if that means doing a deal with Todd, well, that's what's going to happen. Bottom line, this creates a game changing, get-anything-through-a-vote dynamic. Mum and Dad holders are left powerless. You can't blame OCJ for that. It's culturally embedded to look after the national interest.

It's not my place to offer financial advice, and I won't do that. But I would suggest each of you sits back, looks objectively at the big picture, and decides if having your money stagnating in FMS suits your life plans, and more importantly your timescale for those life plans. Whether you can afford to sit on this investment (there are many wealthy investors amongst you) or not, is it serving your purpose?

For me it didn't.

For those that have lost money in FMS to date, or can't get out for other reasons, I'm truly sorry. For those people, and those of you that continue to have faith, again, I would like nothing more than to be wrong on this, and FMS to go through the roof in the coming months.

Good look either way.

And to Todd, and the FMS board, you have created your own history. A history forged out of greed, incompetence, duplicity, distain for the small shareholders that backed FMS when others wouldn't and a lack of self-awareness that is truly staggering.