Ann: Strategic Investor Process, page-8

Yeah, great observations by both.

What I'd really like to see is a deal for the DSO, with an option for the green steel.

The thing about this resource is the impurities liberate from the ore with minimal processing, and whilst we should be able to achieve above benchmark 62% grade with minimal processing - I believe we were able to demonstrate 64% consistently with a 2mm crush, I'd like the opportunity to exploit the DSO for at least the first 5 years before expanding.

As exciting and validating as a green steel opportunity it would be, I'd hate for pressure to be put on producing millions of tonnes without having the opportunity to fall small, and with our own money in the bank because of the Capex and dilution required.

MGT and HIO, both had prohibitively large projects that were required due to the processing required and the limited transport options available.

Even FGM's Iron Bridge project had a pretty significant cost blow out, with it originally being slated to cost about US$2.6B, bit ultimately costing closer to US$4B.

Granted it is a 20mtpa plant, but anything beyond 3mtpa at Bekisopa would probably require some sort of transport solution (dedicated roads or a slurry pipeline perhaps), and full port facilities.

I won't share all of my thoughts and concerns here, but if you read the article on SMH, you see it wasn't an easy path to production, and the snake of FMG allowed then up absorb the costs without dilution, which would otherwise be catastrophic for us.

disallowed/business/companies/biggest-relief-of-my-career-andrew-forrest-breathes-easy-as-iron-bridge-takes-off-20230501-p5d4oy.html

Regardless of my greed and concerns, getting into production is what we want and all that matters, and this is by far the most exciting development in the company's very short history.