first iron nuggets, page-12

all iron ore juniors are reliant on external funding and there have been some good success stories in recent years. Atlas for one, Murchison for another. I think fwl is copying the gbg model. they got powerful partners in and now they are building a project worth more than 2 billion. fwl needs only $700m and 60 to 70% of that will be debt. when you compare how few shares fwl has on issue compared to many io juniors i think they could afford to do a big capital raising and take it forward on thier own for a while. the partners will come when the next pig iron shortage bites.