Any Updates, page-4

This is a frustrating stock. Timelines missed and we didn’t get to take advantage of the crazy iron ore prices.

BUT besides the lack of cash, the assets here look amazing relative to the MC. LEL pretty much covers the valuation and then there’s Peru plus the WA asset. Premium product and low capex make the economics attractive even at present IO prices.

There could be an easy takeover here. Even at a 50% premium, PE, China or whoever will make bags and bags while we’d exit at 15c which is way too low. I’ll keep holding largely off the quality of the asset base and potential but it hasn’t been an easy hold.