BTLet's be realistic .... comparing number of shares on issue...

BT

Let's be realistic .... comparing number of shares on issue for MGT 3 Billion and FMG just under 3 Billion only tells part of the story ... MGT has a hell of a way to go yet with plenty of borrowing ahead (maybe half a Billion) and potentially further shares to issue .... time will tell how this all pans out ..... it will also be interesting to see what iron price they use in their PFS etc .... Ed Eames is a long term proponent of continuing high iron ore prices etc so we will see what happens ...

FMG is a totally different story and has basically no debt with huge production numbers going through at low costs - they even own their fleet of bulk iron ore carriers.

FMG made a NPAT of $4.1 Billion in the last 6 months

Paid a A$1.47 fully franked dividend in the last 6 months

Produced 43m tonnes in the last quarter

Production cost was US$13.45 per tonne

We all know MGT will never get anywhere near these figures.

And what still gets to me as a share holder is what the Directors are dragging out of this Company - they recommended for themselves the issue of 50m share options for 5 years at 2c at the last AGM which their mates voted in - these are already $2m in the money with over 4 years to go to convert them.

Plus they gave themselves salary increases of 75% ..... not bad if you can get away with it .... with most of the PFS work being done by outside consultants obviously a Company cost.

I know you have close contact with Peter Schubert and will likely not agree with my views but all IMO - not trying to spoil the story but this is as I see it and just trying to bring some balance to the story.

GLA