Re-assessment of Mount Lindsay, page-23

Agree with your price range, next SP pump will be on wet screen funding and even better pump up when export happens all assuming IO price remains strong.

When you refer to VMS being catapulted as a tier one producer, in what regard do you mean? VMS' Iron Ore Mine will be far from Tier 1, Tier 1 implies the producer has high volume and is low risk for the sector. By saying VMS is Tier 1 it may be a little misleading - I would consider VMS to be a high cost producer assuming they do actually export. In my opinion there are only three Tier 1 Iron Ore producers in Australia (FMG, BHP and RIO) with MinRes and Roy Hill being Tier 2, but some would say MinRes/Roy Hill are Tier 1.

Bring on the Wet Screen Plant and export!!