I personally do not see Beebyn as a replacement for Iron Ridge...

I personally do not see Beebyn as a replacement for Iron Ridge but just supplimenting the income. So if the operation is up and running by mid 2024 with solid production form FY25 then it would likely again at current prices add 2-5 million profit per quarter. So while this is decent arrangment and it has the scope to continue for 10-15years if they can get the rest of the resource. FEX will need to find a mine that they can fully own and run exclusively in the 60-64% FE range.

Iron ridge has about 5 years current life of mine remaining at current production, though i do suspect there will be some additional pockets of resources that they could mine once they get to that point of expected end mine life. For example there might be significantly more resource slightly deeper depths. Usually all resources are linked together in some ways. Just depens on how much it would cost to remove more overburden and to get the resource out.

Until then they have 3-4 years to find something they can exclusively own and run to be more of a like for like replacement of Iron Ridge.