Ann: Corporate Update and Board Changes, page-8

No of course it doesn't make it happen. But that's what "it's high spec" actually means. One of the lessons I've learned over many years of share investing is that for a resource hopeful to get to the development stage it has to be preferable to the next cab off the rank. That means it has to be the highest quality, the largest, or the easiest (=cheapest), or a combination of those that puts it ahead of other pre-producers. IRD has high quality (that's what "premium" means), it's large, and government desperation plus port user alliances may get it over the line wrt price. NB. re "quality", it's not the %age content of the stuff in the ground that counts, it's the quality of the stuff you sell. Magnetite is very easy to beneficiate, so it's heavily used around the world - not much in Australia yet because our haematite deposits have been huge. But at some foreseeable future date they will be unable to supply all the demand, so the company to invest in now is the one that will be first cab off the rank when that happens. I'm guessing it will be IRD, because demand is shifting to the premium stuff. I may well be wrong, but at today's IRD share price I reckon it's worth a punt.