Ann: External Review Confirms Strong Economics of, page-6

re: Ann: External Review Confirms Strong Econ... I used to be a holder and sold out with a bit of profit. I sold out many years ago because I was expecting iron ore price to come down and stay low for some time.

I was tempted to buy back, but didn't.

IMHO ROY needs to:
1) Cut ALL spending eg admin (directors are getting too much for a $9m company) and explorations (there is no point to prove ROY has many more billion tonnes of iron ore in current market).

Admin fee $330K last quarter and this quarter expecting $430K ie $760,000 in 6 months ($1.5m on admin pa) and exploration expenses... with $3m cash left.

Need to get admin fee under $500K per year and stop spending on exploration work. $3m cash can last 3-4 yrs enough time for iron ore to recover.

I invested in BML, now making very good profit (bought a lot shares at 0.2-0.8c). BML director (when BML ran low on money) decided to pay himself $50,000 PER YEAR for almost 18 months and worked extremely hard for the company.

2) Focus on getting funding via JV or sell the entire project. For example, can team up with CAP nearby to do a package for Chinese to T/O. BML got JV partner to do all the spending.

Even speak to AGO. AGO is trying to develop railway to reduce OPEX, but will they do better if they develop ROY (with railway) instead?

I looked ROY, CAP and HAV all in the same region, low sp and not going anywhere and high admin cost.

Just IMHO, do your own research.