Try not to be put off by the posters on this forum that think...

Try not to be put off by the posters on this forum that think they know how to run the company better than management and then get angry every time things turn out not as expected. The only posts I take seriously are Miningnuts quarterly predictions.

I was able to accumulate a large holding over the period from 2013 and 20219 when sentiment towards the iron ore sector was at a sustained low and Grange traded close to it's cash backing. My investment has been returned several times over in dividends alone, so now I don't worry about the share price and just enjoy the income rather than realising a large capital gains tax bill.

For the record, management did state in the 2022 Annual Report Presentation that North Pitt has a potential 6m tonne per annum production rate. I do recall from management discussions some time back that the production constraint might be the port processing facilities rather than the slurry line but I can't be sure. What is clear is that 6m tonnes per annum is in their thinking.

There is also potential for a special dividend if circumstances permit. That will be a function of the cash balance, the immediate iron ore market outlook and planned capital expenditure. It's impossible to predict the dividend at this stage as much can change over the next quarter but the board's minimum target cash holding to see them through a prolonged downturn in the market price used to be $250m, although that may have increased more recently.

Finally, Grange's share price peaked at about $2.20 in 2007 before falling dramatically when the iron ore market crashed. The sustained period of trading below 50c over a number of years was driven by overly pessimistic analyst forecasts for a fall in the iron ore price to around US$50. After years of getting it wrong, analysts have gradually raised their forecasts and that has been reflected in Grange's share price.