Ann: Quarterly Activities & Cashflow Report, page-17

Maybe you had better read or reread the Quarterly report. I've only stated what appears in the Quarterly report.
1) ie 20,000 tonnes sold in the 3 month quarter..... wow!!
2) There is no production report. WHY? Is it so bad that they don't won't to announce it?
Quarterly production should be stated from a mining company every Qtr, not just when it suits them.
3) Income for sales was $928,000
4)No price put down for production, possibly the idiots put it in the wrong column under development. So no production costs for 20,000 tonnes sales but $1,864,000 for development. How does that make sense?In fact no production costs for the twelve months. possibly pixies are digging up the iron ore for free.
5) $612,000 for management and staff costs.
6) for the Qtr IOR lost $1,542,000. Explain how do you make money like that?
7)Yes there is $9,751,000 left in the bank. How long will that last if IOR loses $1.5 million per qtr.
8) Now that IOR has $9.7m in the bank its now time for management to suck a bit more up for themselves ie from $143,000 this last quarter to $421,000 for this current qtr.


I'm sure you can put a positive spin on it. I can't. I've been a NSL shareholder previously and made a few $$, but its going backwards now, so I wouldn't touch it with a 10ft barge pole.