Surprise in store, page-13

$175/ tonne wake up to yourself!

AGO has 56fe and had costs of $50US a tonne! And even they could survive the down cycle!

TMT has a platts 65fe product.

I expect costs to fall in the $sub 40 per tonne range otherwise it is not viable in the iron / iron ore market.

then there is the vanadium product as a credit to that!

I would like to see the long term price of $60US a tonne and at least a 3
$30 million per year profit during all cycles!

Hoping for a CAPEX number of $100million or better