Ann: September Quarterly Report, page-2

My breakdown and thoughts on key points:

"This high-grade concentrate may be suitable for the production of Direct Reduced Iron pellets, the optimum feed for achieving decarbonisation in the iron and steel industry."
We know the grade is high and the impurities are low. Using Champion Iron as our closest reference, we can see that their push towards green steel is backed by a solid business case with robust financial incentives

"The WAI Scoping Study will focus on the DSO mineralisation with further scenarios for the subsequent development of an iron concentrate operation."
Given the context above, it seems the company or WAI believe the very high grade premiums could justify the fines operation to be fast tracked. The company does not have a lot of cash at hand, and for the board to approve investigation of DRI / fines production in this DSO study phase looks extremely promising.

Using the provided numbers from the WAI newsletter, there could be a premium of about $40USD/t for the pellets - https://hotcopper.com.au/threads/a-case-for-ako-to-make-an-extra-100m-more-per-year-when-in-full-production.7024511/

"Exploration potential for 20-40 Mt @30-45% DTR for a total of 8-16 Mt of concentrate grading 66-69% Fe exists in the Northern and Central zones"
Given the DSO starter is in the Southern zone, and the above DTR resource is in the Northern and Central zones, could the company initiate a drilling program in these zones to fast track the definition and development of DTR fines production?

"Two magnetite-bearing diamond drillholes located halfway between the Southern and Central deposits suggest a further Exploration Target of 30-50 Mt @ 20-40% DTR for a total 10-20 Mt of concentrate grading 66-69% Fe."
This could be more drilling to further prove up the inferred DTR resource. It could make sense if they are doing infill drilling to prove up a measured and indicated resource for the areas that have already been drilled, they might as well do some exploration and resource identification drilling.

"During the quarter WAI visited the Bekisopa project and reviewed existing infrastructure from the project area to Toliara and specifically, the capacity of existing infrastructure to truck 2-3Mt per annum of DSO."
2-3Mt would be a super compelling operation. It would mean significant revenues - and profits - to commence the DTR works above.

"The Scoping Study is expected to be delivered to the Company in early November 2022."
Bring it on, it can't come fast enough. This should be a major catalyst for the share price.

"The Company expended $0.892 million during the quarter."
and
"In total, the Company has $1.5 million in available funds which are more than sufficient to extinguish the 2022 exploration programme."
Very prudent spending from the company, and a lot of valuable progress.

The company raised $3.2m in the raise, so there is still money left to get everything done, but there will be a raise in the near term.

Of course it will come down to the content of the studies and the picture this paints for the justification to go mining.

Personally, I am expecting good things.

If any of the studies were to have come back negative, I would imagine the company would have to disclose this information based on the ASX listing rules.

Top 20 Holdings
Ok, so very interesting.

First, I was wrong - HSBC ended up INCREASING their holding from 4.03m (5.61%) shares to 6.72m (9.31%) shares, after selling down significantly in the previous quarter.

For the most part, the Top 20 are largely unchanged.

The Top 20 increase from 51.74% to 55.63%, but this is primarily due to the change in holding from HSBC.

2 entities left the Top 20 #19 and #20, and have been replaced by 2 new entrants in the same positions.