Ann: Quarterly Cashflow Report, page-9

g’day Troisi.
I made that comment as I saw others in our peer group like FEX, not move much on production start up. Biggest jump was on successful feasibility. FEX has started moving now. I suspect it’s more to do with the surging IO price. Maybe the market needs to see that first quarterly and all the cash rolling in.
however, we do have an elephant in the mix and that’s the monster 5Bt ground around us. They’ve already signalled their intentions with some of the CR funds going to a beneficiation plant. I don’t see them bothering to do that for the modest extra
2mt lower Grade that is in their current tenement. I see them expanding into that 5bt and thats a game changer imho. Transport will be an issue as they would be looking at serious annual tonnage. But so far management have shown us they know what they’re doing, so I’m happy to back them.
we have a reasonable LOM (particularly adding the 2mt lower grade on top), that will see us generating huge profits and nice divs for quite a few years, while they move on that monster project.

Pihrana, any thoughts on the 5Bt and how they might move the higher output? I know there’s a railway planned for somewhere up north. Can’t remember how close it comes to us or when it will get built.

cheers,

ned.