merchant pig iron price is at $600 per tonne!!, page-11

From my understanding there are two separate projects.

Project # 1. The Yalgoo Iron Project which contains approx 445Mt of low Grade (27% Fe) Magnetite that needs beneficiation through the ITmk3 Merchant Pig Iron Plant. This was the only thing FWL had going for it up until mid last year.

Project # 2. Western Haematite Project 14 kms east of the Yalgoo Project. There is still a lot of work to do in terms of a JORC compliant resource but FWL management expect a 1.5Mtpa DSO production from this site.

These guys are still in early stages of resource definition, but they are sitting on a significant amount of iron ore, whether or not it needs processing, the current and future market conditions for iron ore prices $120+ per tonne definitely support an investment to move this explorer to miner!