a slightly different look at IO prices. FMG selling IO fines...

a slightly different look at IO prices. FMG selling IO fines around 58% Fe is the greatest beneficiary of the price changes YoY. MGX product, 65%Fe fines, has hardly moved YoY.

If you look at the current, MoM, price movements FMG advantage has decreased significantly. Pellets and lumps premium decreased by massive amount and GRR is not doing too well lately. MGX perspective today, based on the IO price alone, is more or less similar to what it was one year ago.

For ex AGO shareholders; Gina R. applied for EPA approval to develop Corunna Downs mine with 22.4mtp per year capacity. The quality of the ore is around 58%Fe, more competition for FMG.

Forward Iron Ore Price Index (US$/dmt, CFR Qingdao)

	2019-08-15	Today	Yesterday	Change DoD	Last Month	Change MoM	Last Year	Change YoY
1	62% Fe fines	88.83	90.03	-1.30%	121.53	-26.90%	66.74	33.10%
2	58% Fe fines	70.25	71.45	-1.70%	103.15	-31.90%	46.32	51.70%
3	65% Fe fines	98.17	99.37	-1.20%	129.57	-24.20%	94.85	3.50%
4	62.5% Fe lumps premium	0.15	0.15	-1.30%	0.41	-63.30%	0.24	-38.80%
5	65% Fe concentrates premium	2.61	2.63	-0.80%	2.86	-8.70%	-1.3	300.80%
6	65% Fe pellets premium	21.95	22.05	-0.40%	20.95	4.80%	55.5	-60.40%