just a few issues

I have the following issues.

1. Only 19 samples have been taken and the grades were ordinary yet the company enters into a JV and coffs up $400K thinking it will grade 60%Fe. Most of the resource is apparently hidden below grown cover and therefore its a big guess. Their 200Mt has been totally pulled out of their arXes. They want shareholders to think there is a conceptional resource of 200Mt and that it extends laterally under ground cover and 100 metres deep ie it is where they can't see it when in fact most Iron Ore resources will more or less be the same width at surface as is below surface.


2. Why is the JV option predicated on a Fe grade of 60%Fe when there is zero evidence day 1 that it grades anywhere near 60%Fe.

2. The JV partner can raise up to $10M? I can't believe it. Why does the JV partner need NSL if it has the capacity to raise $10 Million itself? $10M is a whopping amount of money.

3. They reckon 200M of 60% Fe needs to be verified to go the next step in the JV. If the first 19 rock chip samples graded well under 60%Fe how the hell is balance of the resource going to grade 60% Fe? By the way beneficiating Magnetite is a losers game and you only need to look at our companies which rely on beneficiation to see they are never going to make it.

5. Interesting how there is no planned drilling in the first year despite plenty of expenditure and the need to verify 200Mt. How in the world do they reach first base in year 1 without drilling a hole? Does someone plan on digging holes to verify the ore lies below ground cover.

This is worst than a joke but it will probably go for a run despite the bullsh*t.

Enjoy the ride