Speaking of net margin, the ave lifetime cost to the company of...

Speaking of net margin, the ave lifetime cost to the company of 'producing' 65% Fe magnetite is usd75-95. (Nov shareholder presentation). If we take the upper end at today's exchange rate that is about A$143/t. Leaving an operating margin (gross margin?) of about A$75/t or about A$2.25m per 30kt shipment. Once they get production and transport nearer the 350kt per annum target, that spells an annualised operating margin of in excess of A$26m. That's at the upper end of the ave lifetime cost range. At the lower end (usd75), the annual operating margin for 350kt sold at A$218, is around A$37m.

Market cap should get a serious uplift once this looks less like potential and more like banked reality.