chart, page-5

The Veritas valuation is based on a production rate of 2.6MTpa initially. Richmond have indicated a base operation of 1.5MTpa, however this is only for Stage 1. No word yet on future stages or expansions which would affect any future valuation. This should be released once they finish their feasibility studies.

The resource estimate we are waiting on is for the West Pit only and will define a global pit resource as well as a higher grade pod (+30%) for the initial production years. Veritas have estimated an initial mining reserve of 40MT at 35%Fe and 7.1MT at 55%Fe. As the reserve is the part of the deposit that is economically viable, the resource estimate due to be released should be higher than these figures as not all the ore would be able to be mined. Not too sure on the global pit resource, the west and south-central deposits have a non-JORC reserve of 176.1MT at 18.9%Fe. Due to pit re-design and additional drilling, Richmond should also be able to achieve a decent result.