Looking over Gindalbie's website there is a nice page entry on...

Looking over Gindalbie's website there is a nice page entry on Magnetite vs Hematite, showing the value of Magnetite. In FWL's case, the opportunity to sell magnetite seemingly increases with every rise in Hematite.

http://www.gindalbie.com.au/Our+Projects/Magnetite+vs.+Hematite/default.aspx

Recently, holders (including myself) have looked at the future for FWL as long-term mpi and short-term dso (from their WHP).

FWL's page on their Yalgoo Iron Project talks about another opportunity :

http://www.ferrowest.com.au/yalgoo.html

"The magnetite ore would be crushed and fed into a beneficiation plant, located at the mine site to produce around 770,000 tonnes per annum of magnetite (iron ore) concentrate grading 67% Fe."

So if the BFS for the mpi is too high, this alternate approach of shipping the 67% Fe would be fabulously value adding for the business. I think this is a good milestone to aim for.

In short time there will be a significant upgrade to their magnetite resource. A conversion cost to 67% Fe may be speculated.