Ann: Company & Phase 3 Expansion Update & App 3Z, page-43

IOR are not selling at market prices but negotiated prices. IOR produces a premium product that has been given the thumbs up from JWS and BMM at negotiated prices suitable for direct feed into furnaces without the need for pre processing to remove undesirable content. We know the starting negotiated price was at AUD$65/ton. Since then a higher price point has been negotiated which has not been disclosed. At $65 it was modeled to have a profit of AUD$28-30 per ton.

If negotiated pricing hold around that number and production costs may even come down a little with larger volume then around the $30ton profit is not pipe dreaming at all.