What has changed since JORC announcement last year...

What has changed since JORC announcement last year Q3.

Positive:
1. Additional 138 RC drilling complete as planned and diamond core drilling ongoing.
2. Phase 1 metallurgy testing complete as planned. Phase 2 metallurgy testing ongoing.
3. Port and train ready/will be ready soon – saving of multi billion dollars in capital (we don’t have to worry about raising capital or taking loan for this infrastructure development)

Negative:
1. Free release of shares to directors – Effect current price is already reflecting the dilution.
2. Release of security from Escrow - Effect current price is already reflecting the dilution.
3. 56-58% grades are not achievable in single pass --- Phase 2 metallurgy will confirm if 58% grade can be achieved by maximised by HIMS “roughing”, followed by further crushing, “cleaning” and “re-cleaning”.
4. High Phosphorous content – Product is suitable for long steel product as it, however phase 2 metallurgy will confirm if lower ph can be achievable.
5. Capital raising coming – Don’t you think 16c SP is already catering for this.

In my opinion SP is where it should be. It is just that you have to wait little longer till phase 2 results are out and updated JORC announced.

I’ll hold till phase 2 results.