Ann: Results of 2021 Annual General Meeting, page-3

@GoldStar112

I couldn't make it to the AGM either but in 40 years of investing I can't fully understnand what is going on here.

I have never seen such a large percentage of voters against two of the company directors who always seem to prefer to look after themselves by drawing such large salaries for a non income producing company ( almost $600k pa between them and it seems one only working part time and the other one having no qualifications ) and always voting for each other to receive a further heap of millions of share options with a long expiry term and cheap conversion prices .... and then I see the third director ( who does have 40 years of experience and qualifications ) received none .... why would this be ... can anyone advise ??

It seems too that IMO we will run out of money well before the DFS is completed and we will be hard pressed to be able to get funds from standard lenders with so many "rough figures and assumptions" used in the previous PFS ..... time will no doubt tell ....

The current iron ore price is well down from last year ( at US$95 per tonne last night ) so we will see what the next 6 - 12 months months show what the price will be and if it is any where near what the PFS used.

I hope the proposed DFS checks on the cost of production of circa $54pt based on 3-4m tonnes pa compared to say FMG who produce 170m tonnes pa at circa $15pt - they basically have no debt and even have their own ships etc.

Time will tell to see what happens ...

It seems a hard time is ahead of us in the current market place ....