Ann: Razorback Iron Ore Project Update, page-50

Because I used to hold MGT and check in now and again to see what's happening.

I understand you may think my view on MGT is downramping, and that's fine, but it's not an attempt to downramp. It was simply my opinion, and that's fine too.

Royal Resources (now called MGT) paid $4.95 million to acquire Razorback in 2009.
Singapore company Sin-Tang ploughed $50 million into Razorback to advance getting to Bankable Feasibility Study.
$50 million and they didn't find water!

Where is the water coming from Franciscus?
Will the Key Optimisation study find saline water can be used in processing? My guess is definitely NOT.
Forget about the Murray Basin option. The realistic guaranteed volume needed to get a 5Mtpa project off the ground and continuously running is not feasible. Construction use alone would be more than 12GL/a of SALTY water these schemes "can produce"

Oh and now, only 2 months ago (6 July 2023) after all these years we find out about Native Title??? Whats up with that? A few skeletons appearing out of the closet now!
Razorback has never before been subject to Native Title and yet MGT "aims to formally commence negotiations for a Native Title agreement" What do you see this potentially costing Franciscus?

I hope I've got it all wrong, but until the water is sorted out, I dont see the point in burning big piles of cash on expensive consultants and endless studies.
I understand, of course, the need for studies, drilling, proving up resorce, analysis, etc but none of that means jack sh!+ without the water!
Hundreds of millions of dollars spent on this Razorback Project & still NO WATER!!!!! NO DFS!!!!! NO BFS!!!!! NO FID!!!!!

If your smart Franciscus, you will see the pattern over the many years and then you'll agree, the only thing MGT will be mining are the Share Holder's pockets as they have done since acquiring Razorback.