Ann: Scoping Study underway for the Pilbara Iron Ore Project, page-4

yep - at least positive news for a change - shame its about 10 yrs too late!
shows PS was asking all the right questions.

so first ore in 2025.
even if first ore is end of 2025, that's still pretty quick timing ( a good outcome though).

We can ask - why the heck have we waited so long to get here, when way back when we were asked to agree to the Option Agreement, they were discussing and giving figures for a trucking deal then to support their arguments- which never happened. So how come now? It shows us, we were "sold a pup" back then, and that certainly was as a result of greed of the people controlling the FMS at that time.

To get to first ore by 2025, they need Scoping Study, Prelim FS, then Definitive FS, then FID, plus supporting approvals and agreements eg Offtake agreements, export port agreements , Enviro agreements, Indig agrements, roads agreements, construction agrements, mining contractor agreements, royalty agreements etc etc.

and the obvious issue is - where does money come from?
If it is DSO and 60%+ higher grade ore, then lesser cost of production/grading etc.
At 3mtpa how much of that higher grade ore can be mined, and for how long?

At each stage of above( Scoping Study, Prelim FS, then Definitive FS, then FID) what is cost to each point, and how will it be funded?
At end of last Qtr FMS only had A$7.4m. Qtrly stated A$7.4m would last 5.28qtrs - but thats rubbish, because the costs of above work will cost way more than that.
I would imagine that these studies/agreements for a 21mtpa prod'n project would not cost 7 times the cost of a 3mtpa project?
So just what funding does FMS believe it requires to get to prodn by 2025