WORLD'S BEST UNDEVELOPED IO PROJECT, page-8

This is a very loose comparison, but in 2003 FMG announced it's initial scoping study for 20mtpa and it's market cap was between $50m and $300m during 2003/2004


They released their DFS in 2005 where their market cap reached between $900m and $2.3b between 2005 and 2006


Their market cap then reached over $14b in 2007 during commissioning phase, still before they shipped their first ore.


Iron ore prices during this time climbed up to around US$150 from US$60 in 2005


So this is a very loose comparison but gives you an idea how fast the market cap can go as the project progresses with offtakes and debt funding before they even shipped their first ore. Years before production the market cap was over $1b