We can all Win- 11/6 at 19.20 post, or we can all loose as well., page-192

My understand was a BFS (Bankable Feasibility Study in mining parlance) was done specifically for a project within an organisation and it assessed the viability of a project. Whereas an IER (Independent Expert Report) is done in regards capital management of the company in its entirety.

So in this case a BFS type analysis would have been done by RTA/Todd before an offer was put to FMS. Whether FMS need to do another one at this point is questionable. An IER in this case should be done with a defined scope that includes certain industry, FTA, strategic and economic factors but exclude tenements outside the iron ore tenements. The IER also doesn't need to be exhaustive in regards the balance sheet as there scant assets of significance outside the estimated reserve if the last lodged annual report is anything to go by.

The IER also places FMS in a better and more informed position so they can start to plan their next steps and do it on the front foot instead of reacting to anyone who knocks on their door with a "boy do I have a deal for you" pitch.

One thing I cannot seem to find is enough data to be able to sequence events on a timeline for further analysis. Other companies actually provide this as part of their planned intent so shareholders can have comfort the Board is not only complying but is actively engaged in the business and planning and pursuing targets for better return for their shareholders.