Ann: September Quarterly Report, page-8

Yes, I know it has, but the 62% price is still $94USD/t - https://www.marketindex.com.au/iron-ore

And the AUDUSD exchange rate is $0.647 today (but was $0.625 on Saturday).

If the math I have used is incorrect, please feel free to show me where I have made an error, I welcome people reviewing my work and assumptions.

Also, please feel free to share your thoughts and research on the company.

Unfortunately not many people are posting research here, and I welcome other peoples perspectives as they help me consider things that maybe I have missed, and even challenge my biases.

Unlike a lot of marginal Australian explorers and producers, I believe AKO will be well placed to raise the funds as the commercials seem compelling based on my research (all of which I have shared in these threads).

I stand by my calculations, but would love to hear your thoughts.

- Mining operations 2Mt per year
---- $94USD/t for 62% iron ore
---- $10USD/t per 1% grade premium (producing 66% ore for an extra $40USD/t)
---- $135USD/t sale price for 66% ore (or $125/t for 65% ore)
---- $50USD/t FOB costs
---- $85USD/t "profit"
---- 2Mt X $85USD/t = $170m USD, or $265m AUD, in "profit"- 19X our current share price

Obviously it is even more compelling if we produce 3Mt per year.