Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-15

Okay, I stand corrected on the DR-grade specification.. but, c'mon - semantics. They stated in the 2021 PFS that they were targeting a 67.5-68.5% Fe "super-grade" product. For those of us who understand the iron ore industry reasonably well, it's known that DR-grade specifications require the sum of silica and alumina to be less than 2.5%. It's also apparent that if the Fe grade of a product is ~68%, its silica and alumina values will almost certainly be <2.5% when summed. So even though we may not have been specifying "DR-grade" back in 2021, the product was always going to effectively be DR-grade.

Additionally, if your whole argument here is that the company is drastically different to the one we invested in back in 2021, and that we allegedly weren't targeting a DR-grade product back then, when we now are - shouldn't this represent an improvement to the company's prospects? Shouldn't the specific targeting of a DR-grade product by Dobson mean that our market capitalisation based on the ridiculously large resource that is the Razorback project should be a little higher than a measly $13M?