FEX Valuation, page-704

Thanks for the response.

For the record, I don't think you provided any unique insight calling low 20s right before ex-div.

I don't disagree that there are headwinds to IO prices in the near term. What I do disagree with is your view of the company's ability to make a profit at the low end range of the forecasts. Remember the feasibility study was done at $76usd a ton. FEX has already been achieving an 8% premium to the 62% rate and is only expected to achieve a higher rate as the LOM progresses.

I would encourage you to run a model and look at a range of un-hedged IO price outcomes and the value returned to shareholders. If you can honestly tell me that shareholders are losing money at these prices, I'll sell my holding and change my sentiment.