Ann: Tripartite LOI Update, page-60

"I'm sure many on here will spin this as a positive. Pumpers can spin anything."

I'm not spinning it as a positive, I'm just not assuming it's a negative.

If we'd signed a deal with LKAB and Mitsui today the project would have been de-risked considerably. The fact that we didn't means that the risks remain unchanged. And, since some portion of the market was expecting a de-risking event that hasn't come, I expect a negative reaction in the SP. As always, I encourage anyone who doubts the investment to sell.

My concern on the permits remains low (I've explained why in the past and won't re-hash here). This will be a positive if we can secure a better deal that sacrifices less equity. And, it will be a negative if we lose out on a partnership that we need down the line. At the end of the day, with negotiations like this, you either trust that management is acting in the best interest of shareholders, or you don't. Because, we don't have access to the details necessary to assess the decision on its merit.