Ann: Investor Presentation , page-17

In the last quarterly it states:

"WDR has hedged approximately two-thirds of expected Roper Bar production for the following two quarters at an average price of $A120 per dry metric tonne (dmt) for 62% Fe on a CFR China basis."

The actual price received under the hedging is subject to adjustments for the actual grade, lump & fines and impurity levels delivered less freight charges. The balance (including sales once the hedging contracts are closed out) are subject to the vagaries of the spot market and negotiations with Noble under the offtake.

WDR has not published a reserve for the DSO material so accurately estimating future revenue is difficult. Obtaining project finance and forwards sales contracts without a reserve IMO would be even more difficult.