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investor presentation, page-18

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    Thanks Orlando,

    I always thought it included the dirt and that is why they will pay more for say 65%fe compared to 57%fe.

    I just wasn't sure to make a comment before, but I will take your analysis as correct.

    Either way the profit margin should be okay if the BFS confirms a $45mill or less start up. The start up costs of $35mill not funded by IFE, are included in the contracting price per tonne until the debt is paid.
 
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