chairman's address

Lifted from the chairmans address. Very positive, very good future ahead. Not long now


Now, just to finish this point, we now have no fewer than 11 national and international broking houses generating
research on our Company. These analysts have a consensus 12-month share price target of $1.58.

As Chairman, Im not meant to forecast the share price, so I wont. But I will make this point: these analysts are,
understandably, very conservative in their forecasts about iron ore prices. It is my personal view that iron ore prices will prove to be far more resilient than many of those forecasts and therefore I believe Gindalbies earnings outlook will be even stronger than they are forecasting.