Hedging Iron Ore, page-21

Good Morning Ned,

I hope you are well please see attached graph and follow it as best you can.
For the top portion would be the annualized rate. i have taken the Net method and shaved the income recieved for the quarter as opposed to the other calculation method.

Please understand that going off 1 Quarter is not realistic but is gives up probably the most accurate at this point in time.
I have worked FOB method USD$ 185.20 DMT amount would equal to the USD$150.00 amount (from my understanding), so i have shaved this from the quarterly to 80% earning for quarter.
Please also keep in mind that the ever changing metrics involved like diesel price, Foreign exchange and the ore price it self.

At the bottom i have included in the Net Cash after tax was paid cash backing per share (highlighted in orange). the performance unlisted options(2 mil converted yesterday are all included) .
The B column is the future performance options included so we can see the difference.
Please note Depreciation/Amortization has been left out (-$1,186,888.00) of expenses ( i dont really know the amount and is a guess)



I think this answers every thing for you, please let me know if i haven't.

*Not Financial Advice and i am not a qualified Finance professional.

Have a good weekend

Rooks