Ann: Quarterly Activities Report, page-5

Hey Ned,

Agreed it was a really good quarterly report.

I think you guys buy the sounds of things from the offtake partner sounds like you dont need to worry about shipping.

My interpretation is that the off take partner will buy 100% of the ore then resell the iron ore to who they want.
If this is the case it would be a very green tick for me as it sounds like, they jave takers on the ore in brazil right on the doorstep.
Additionally i would imagine that the off take partner would be the one organising the shipping contract (if required).
Please understand my research on this one is incomplete at this stage and i will let you know how i go.

Take care mate and thanks again.