Phogg:There were (believe it or not) no questions at all raised...

Phogg:

There were (believe it or not) no questions at all raised at the AGM. I stayed behind and spoke to as many of the team members as possible, so the following is what I found out for myself although not discussed openly at the AGM:

Was there any talk of estimated capex or opex on Bungaroo? Not discussed during the AGM, but I asked questions about this and essentially IOH will be looking for a JV partner to stump up the capex. They are currently working up several different "models" of what the structure might look like. Management will start hunting for a partner in January.
As for opex I was told this will be a low cost project mainly due to that strip ratio I mentioned.

Any talk restarting the buyback at these crazy prices? No and I neglected to ask about that.

Has there been any talks with say mining juniors like MGX or BCI on joint ventures on Bungaroo? Yes without naming names there are at least a couple sniffing around.

When can we expect mining plans on maitland? Only at concept study stage so this one is not the priority right now. I did learn that the Maitland resource will require DOUBLE the electricity to grind than a "standard" magnetite. This makes the processing expensive but IOH are hoping the location offsets the extra processing costs. They are doing testing on all this right now and need to do more research before proceeding hence the concept study.

What is stokes doing with his majority holding? Your guess is as good as mine but he is not selling any & he voted for all the resolutions at the AGM via proxy. Clearly his objective will be to make as much money as he can from this venture so he will be hoping that the Buckland Project succeeds.