IPO - Genmin Limited - 10 March 2021 #, page-40

Hi sam0408,

From the reading I've done, it might not take a lot to extract and treat the detrital resource to get to a 60%+ Fe final product.

I don't have enough knowledge in the ore processing area to estimate what a 5mtpa plant might cost if only washing, screening & HLS/DMS is required. The finished product would be lump & fines though, so plant CAPEX would be a lot less than the CAPEX for a concentrate end product like Kogi.

$140m still seems very low though. The assumption must at least be that Rail & Port CAPEX are being picked up by other parties.

Cheers!