Ann: Quarterly Activities Report, page-6

g’day rookstar.
yes, that would be a huge green tick, but we don’t yet know. One of the large potential problems for me has always been getting it to port. They clearly stated in the prospectus that one of the risks was shipping on the long (>700km) road to port. Historically the locals have been known to cause issues with strikes and direct action against road shipments.
TI1 have said they’re talking to BSM (Brazilian Steel Mills) with a view to sell at mine gate. Let’s hope that’s what has happened.
production on schedule to commence Q2.

you’ll need to go through some posts, as it’s not in any company Ann’s, but we’ve been advised that there’s 5 Billion (yes Billion with a B) tons around us, owned by the Clouth family, who also own 54% of Tombador. You don’t have to be a genius to figure out the likely pathway. BUT, my next big ? Is if they do vend some/all of it in; at what price? Could be net positive, neutral or negative, with a massive dilution. Plus we don’t know the grade. But hopefully some will be decent high grade, al though they’ve probably plucked the best ground to kick off with TI1. This 67% ore is very highly regarded and in short supply.

i think this future 5Bt ground potential is why we are at a higher market cap than the already producing FEX, even with lower output (1mtpa).

as usual with all emerging juniors, lots of positives and a few negatives. But looking good so far.

cheers,

ned.