Ann: Company & Phase 3 Expansion Update & App 3Z, page-60

Yep, I think you are fools. Adding up the total income of iron ore sales for the last 18 months = AUD$1,674,000 .
Great effort.
Now how many tonnes did IOR produce in that 18 months.
Who knows, the Quarterly announcements never state the cost, the sales price or the quantity.
If we use the supposed $65/tonne then it would mean that IOR (NSL) produced 25,750 tonnes in 18 months.
Great effort.
But this is not the case, IOR said that more than 46,000 tonnes have been sold in 18 months. That is adding up all the deliveries that NSL (IOR) announced over 18 months. Although its really impossible to tell as there is no Quarterly announcement that actually states the exact sales.
Another great effort considering NSL stated that would have a run rate of 200,000 tonnes annually after Oct 2017.
Lets just say that it was in fact 46,000 tonnes produced and sold in 18 months rather than the miserable 25,750 tonnes
AUD$1,674,000 sales /46,000 tonnes = AUD$36/tonne ( Not $65/tonne)

So $65/tonne is absolute BS. Plus, IOR would produce more iron ore if it used a tea spoon.