Dividend Matrix After Tax, page-4

Morning all.

I posted this over on the FEX board, but it’s also relevant to us, as we will start production in this Q. My expectation has always been later in the Q = May/June. so if the seasonal dip does occur, it will impact our early shipments, but by July/August IO should be peaking again. Nice timing as we ramp up production.

cheers,

ned.

morning all.

found https://www.*.com.au/iron-ore-price-seasonality-2018-1

this looks like summer & winter are the strong periods, with spring autumn the lower periods. So it could start to come off in May/June, before peaking even higher in July/August. Maybe with the Vale ongoing supply issues & strong demand from many countries getting into their infrastructure boost, we may not see the seasonal dip, or maybe not as much? But something to watch out for. If it does start to come off, we can expect a couple of months of lower IO prices, which will affect FEX. Hopefully we will have some guidance from the Board on what they’re going to do with the mountain of cash they’re accumulating.big rise again last nite. Think we might be in record territory. Perfect time for FEX and the market is finally getting onboard.

cheers,

ned.