brr interview regarding shareholder concerns, page-25

L4L,

You asked for comments so I'll give you a few:

Grade range. Kev quotes the JORC codes and points out the targets have to be stated as a range. Does this mean they've been contravening the JORC code previously by claiming the target at 56%?

Strip Ratio - Yes the near surface ore may be worth mining but how do that make it more economic to move all the waste to access this deep low grade/high impurity stuff?

LOI - Steelmakers pay for the FE content and then apply penalties for high levels of impurities. Low FE content ore recieves a much lower price as who wants to pay to freight ore with low FE content? This low grade ore gets sold at a considerable discount(I know as I used to crunch Rio's numbers on the nearby Robe operations). Why are RIO and FMG not racing to get their Serentity/Calliwinga ores to market?

Only 3 drill results. If they aren't indicative of the orebody as Kev claims, why rush them to the market in the first place?

To me this looks like a CEO that is worried by the price movement and desperate to sure up the sp to get the options exercised. Would be very bad if this didn't happen.

FWIW I wouldn't be selling on the back of these drill results as they aren't catastophic, just what is expected of deposits in this area. I wouldn't be buying though either. But if people believed before, its too early to throw in the towel but maybe realise that the deposit will probably grade like its neighbours. People spruiking this deposit to be in the 59-60% are full of it. Small sections maybe but the overall orebody will likely grade much lower.

Good luck with it.