Ann: Quarterly Activities Report, page-22

Looking at the Q report, we have "uncrushed lowergrade (50-55%) material totalled 3.0 Mwmt grading 50-55% Fe" in the mid west as at the start of the Q, + (0.087+0.114+0.046) = 0.247 wmt higher grade ore. Using half year metrics, the higher grade ore should conservatively deliver ~$10-14M nett revenue (remembering most is already mined and crushed), and was likely mostly or wholly sold before the recent kick up in price. Sale of this material is already factored into the assumptions of management.  What is of interest to me is whether or not the recent uptick in iron ore price has seen the lower grade material become of value to sell. It might be that we can get some unplanned revenue from that to supplement the higher grade material, possibly say $15/Mwmt (assumption being Au$45/wmt rev and Au$30/wmt cost), with 3M wmt stockpiled. If so, that $45M would be ~$31M after tax, or ~2.7cents per share, which could occur over the current and next quarter. Not bad for 'out of the blue' revenue if indeed this comes to pass, as this alone compares favourably with the dividend paid last FY.