Ann: Annual Report to shareholders, page-24

Perhaps they are looking at the big picture. Perhaps they see the potential riches of getting in early and shaping the destiny of a minnow that is trying to catch a major nation building wave. Perhaps, this is part of their portfolio that has a multi-year outlook. Perhaps they realize that instant gratification of a trader mentality does not apply to all situations. Perhaps they believe that the journey to 65% pellets requires stepping stones of 30% ore to 58% fines and then 58% to 62% fines. Perhaps they value the intent of the GoAP to partner with industry to catch up and then leap-frog other states. Perhaps they are happy that they have paved the way for other (insto) money to join and help fund the ongoing expansion beyond P3. Perhaps they are already working with other recent insto entrants to the register to get things refocused and moving.

Or perhaps, you are right, and they are just a bunch of clowns.