TF, in response to your comment about pegging me to be of at...

TF, in response to your comment about pegging me to be of at least average intelligence because I can write a sentence – I’ll peg you as someone who was a school yard bully and who hasn’t grown out of that habit because you seem to often want to attack the person rather than debate an opinion.

In response to your comment about what BG said – BG is gone and if you believed everything that he told you, then perhaps you might need to have a second thought about who is above and below average intelligence.

I have sometimes enjoyed when we have a genuine exchange of ideas and views, but you lose my respect if you criticise the person as opposed to their opinions.

In response to your comments about delays and changes to the process, I repeat my comments from a previous post:

• The work on the Full dry comminution circuit will have a really big impact on capital and operating costs (and environmental approvals etc). Tom explained why this is possible - the way that the magnetite splits with the grain (giving a clean crystal without inclusions and impurities) and the absence of clay (which takes more water to process).
• The simplicity of the new process flow sheet and use of off the shelf pieces of equipment (reduces cost and risk compared to a bespoke processing circuit).
• The real standout to me is the by-product potential. If sounds like we have hematite that will add to the iron content of what is produced that has not been included (or possibly as a separate product). In addition, the silica sands has the potential to be much more significant. For those that did not get to listen to the AGM, there was discussion of this "by-product" being $100/t (or more) if the sand is of a certain type or that can be separated/extracted. This could be a real game changer for the NPV/IRR.
• That management believe that these changes can have such a material impact on the NPV of the project, that it is worth delaying negotiations with potential partners to ensure that the additional value is captured in those negotiations rather than giving away that value.

The delays are worthwhile if they add to shareholder value. For example, why sell a share of a vacant block of land, when you could wait a little while to get a DA approved that will materially change the value of what you are selling.