Maturation Work Results Looks Good to me

Hi all,
I have just gone through the announcement doc made yesterday with a free mind (taking all the emotions away as a long suffering SH) and find that FMS has made significant progress with the maturation program and the announcement is a good one (though could have been better if the company did not mind SP spikes at this stage!). Here is my thoughts and findings:

-- Page 1 Highlights: All good and positive except mentioning that "Base case metallurgical processing test work indicate that the PIOP detrital resource material, whilst being upgradeable to a circa 59%Fe product, experiences significantly lower yields than non-detrital ores". But this issue is not significant at all because Page-2 refers that lower grade ore are in the range of 40-50% Fe. If you look at the ore summary in page-3, we have (54.1+1148.0) = 1202.1 MT Higher grade ore with above 52.6 %FE ALL MEASURED + INDICATED. Inferred Lower grade ore relate to this statement is only 282.1 MT. Company did not say that it not possible to convert them. To me even if you discard this Lower grades ore, we still have enough high grade 1.2 BT ores to provide enough mine life.

-- From the page-1, its clearly understood that the whole talk of detraction came from compliance to ASX listing rules and that company can not make the production target official statements without all other further work completed and which is perfectly OK. Company did not indicate at all in this report that it can not mine or PIOP mine is not viable.

-- Page-2: In summary of maturation program findings, Company has explained the Key risks but clearly articulated that "These risks are now better understood and have been mitigated" - which is really great and positive.

-- Page-3: Mineral resource estimates: shows that we have 1.2 BT of high grade IO (with FE above 52.6%) with which no potential processing issue mentioned. Only processing issues mentioned about 281.1 MT (where the actual yield may be lower than previously thought - but its not significant). Further drilling program recommended to find more mineable ores - which is all good. All companies even in production continues to explore to find more reserve to increase mine life. All good to me.

-- Page-3 summary: to me all good. Its great to see that company has put "Progress discussions on provision of a logistics solution" as the first item. We all know that it has to happen at some point and we all know that there is option around the corner (BBIG rail, Tom Price Road sealing funded by govt. etc)!.

-- Page-1 " some SHs on hot copper looks like confused with the statement "The Company plans to progress discussions on provision of a logistics solution to de-strand the PIOP asset", especially with the word "de-strand". To me its great and de-strand means to make it not stranded, means to secure a infrastructure solution.

Overall: I think the great maturation work announcement was a bit muddied with some negatives like "detraction", some mentioned insignificant potential issue with lower grade ores etc. Perhaps the intentions was to keep the SP down before the CR. But market knows. There was no sell down yesterday. Only 1M shares sold out of 3.2 Billions (i.e. 0.03%. The SP was about 8c anyway before the recent spike to 10c. To me, looking all good and I am very happy to hold and thinking to participate in CR.

The above are all my personal opinion only and should not be considered in any way as advice for investment. Please do your own research.

GLTA. Waiting for the Cho Cho Train!

Regards,
Akamal