is calling in the laundry lady

I have reviewed the quarterly report and directors seem to be taking steps to turn this company around.

Current Cash $9.6m, Current market cap: 4.2m, Options54m@20c.

It looks like they have seen the light that Parmigiana is a little remote and low grade to be worthy of significant spend, and are looking to JV this out. A good plan imo.

All other Fe projects: Marabá and Pancada Project and Tres Cores are being abandoned. I liked the look of some of those, but maybe this is a good idea. I winder how much cash we parted with though?

Moro do Cobre is being abandoned. Considering poor results, probably a good idea.

This leaves the current prime focus as Frei Martinho. Prior results around the mined out area were not great, but I agree that further drilling on other IP anomalies is warranted given geology. Lets just hope we get good results and we get to hear about them via the ASX before everyone else does.

And an interesting note that they are doing DD on an advanced coal project. We will have to wait to see how much it is going to cost, and the size, quality and available infrastructure. I hope we dont pay too much for it if it goes ahead.

Seems that some management changes might be coming up too.

So maybe we are in with a shot at a recovery here. I hope so!. Might even be some hope for the options.