fundamentals don't lie and always win, page-9

Equity Raising Presentation
30 November 2012

Gindalbie and Ansteel JV Equity contributions to date total A$1.33 billion. Page8


Strong Margin Product 11
• Different quality iron ore attracts different pricing, meaning cash costs are not always indicative of margin
• Karara produces a premium quality, premium priced product

So we have put more equity into this world class project than our current market cap and we get a premium price for our premium product.

And you can get all this and more for a poultry 0.245 cps, go figure.