GWR v FEX, page-19

Everyones investment approach is different. Honestly LOM isn't an issue, they have 7 yrs to scale. They have Gina's Atlas Iron as a counter party who aren't shy of M&A consolidation. Funny they owned Iron Ridge previously.

From a pure startup approach, can't beat what FEX has done. Owning the haulage component was a master stroke, they got all the scrip issue out of the way and have the cash to actually cover the upfront CAPEX. They bought the infrastructure at Geraldton.

You can say GWR has the resource for multiple boom cycles but for me personally I'm only interested in this boom cycle which FEX is really well positioned. They have set themselves up to really strike while the iron (ore) is hot.