placement, page-4

I'm trying not to think about the paper losses! Too painful. I through in my last cash reserves at $2.57 and $2 It will be moot once the transport/offtake are sorted.

Imagine the value if we end up with 1 billion tonnes of DSO equivalent that can be produced for $3.50/tonne! Good news is that resource size, transport and offtake should all be resolved before Christmas ... looking forward to Santa shoving some Fe into my stocking.

Whether it is FMG or BHP will not have a huge impact on the project economics given the size of the resource and the 30 year mine life.