Ann: Resources and Ore Reserves Statement as at 30 June 2024, page-13

62.8% is the average Fe for 19.1 mt.
That figure is highly reliable as it is gathered from historical drill assay data from a certified laboratory and verified by the JORC competent person who does the numbers each year in the mineral resource and reserve statement.

We do not know how much of the likely to be mined 19.1 Mt will actually be mined, but is likely more than 7.2mt reserve otherwise mining would cease in about 7 quarters and Peter would be quoting mine life of 18 months, and not the 2 to 3 years that is stated in today's report.

Peter has recently given guidance of 2.7 to 3.1 Mt for fy 25, and Peter adds by stating increasing in fy 26 and fy 27. (he is obviously counting on mining more that the current stated reserve if 7.2mt).

Peter also said at Noosa that in the two decades that mgx have operated Koolan that they have never stated a LOM of more than 5 years at any one time, due to the complexity of mining on Koolan.