Ann: Early Termination of Iron Valley Option with, page-13

re: Ann: FMG: Early Termination of Iron Valle... Bottom line for me... A few things to take away from this:

1. For FMG to agree to a termination now, they were not going to take up the option regardless. It's a real shame but now we need to move on.

2. Even after repaying FMG $4 mill, we have collected $21 mill from this process and don't forget that during that period iron ore was completely on the nose - we have done extremely well there as we would have otherwise been sitting still & collecting no cash.

3. If moving on now helps (even only a small amount) to facilitate the next deal or negotiations with a new party then it's a good move. This project is worth billions in the long term so a $4 mill payment now will be very quickly forgotten if we can get it back on the rails.

Just my 2c worth, very disappointed personally that FMG have walked but not wanting to dwell on it now.