Help me understand the basics and the risk of this business?

This will come across lazy, but I view it as efficient. Would greatly appreciate some information, so I can decide quickly if this idea is even worth considering. I don't look at 30 ideas, I look at a few deeply.

To my understanding the main risk currently is the 500mil needed to develop the operations? I do not see this as a major issue, depending on some details.

1. What is the grade of the ore? I have read it is high grade 62% fe.
2. What is the expected ore in the ground, the reserves? And what is the proven reserves? I have briefly read its substantial, 5 billion tons?
3. If question 2 can be answered, what is the majority of the ore grade? Is an average of 62% all that's known? Or are there facts about what percentage of various grades (example 80% 62%fe and 20% low grade fe)?
4. What volume of ore do they realistically plan to sell per year, in the first few years? And what volume do they plan to sell once fully ramped up?
5. How considerable is the size of the ore reserves relative to other suppliers in the world, especially if most or all of the ore is 62% fe?
6. What are the expected costs per ton? I doubt this is known, and is a stretch to be known.

Please only reply with facts. And if the information is not fact based, please provide a disclaimer.

Again I deeply appreciate this information. Now for some thoughts:

To my understanding Australia is, or will have issues with ore quality moving into the future. Yes new projects are being developed, as an example Fortescue has one of its new projects producing 10 million 62% fe per year atm? Though more needs to offset the fact they sell up to 180 million tons a year, most of it lower grade.

I take into consideration that Vale is coming back online, and that the 20 year average price of Iron ore is something like 90-100USD. As well the risk of a downturn in China. These should be taken as a given, if you plan to invest for the long term.

Although 500 million is no small sum, and some made the point that obtaining such financing will be difficult, I don't see it as impossible if the reserves and grades have been proven. The macro risks regarding a correction in the price of ore is far more relevant, and so how costs are managed are a far more important consideration. As an example, the last time prices hit their lowers Fortescue was pretty safe because their costs continued to go down, and to this day kept near $13. So I guess I will be interested in how costs are managed vs just the positive facts. The fact that Fortescue was managed so well, was the reason they became one of the largest players in Iron Ore (more impressive because they have the challenge of low grade ore). You could say I am using my past research of Fortescue as the yard stick for this company.