$$$$$$$ iron ore royalties $$$$$$$, page-4

At $0.50 per tonne, PEL should make around $600,000 from iron ore royalties this year. market cap only $4 million. steady income for such a small junior looks looks very good to me!!! see below.

The Cockatoo Island project increased production and sales on the prior year. Despite this increase the result was adversely impacted by the delay in closing Stage 2 of the seawall due to technical difficulties, and marginally by the small slip in the seawall in September 2004. On a positive note, we believe the technical issues have been resolved at Cockatoo with three shipments occurring in December 2004 and production of 1.2 million tonnes forecast for 2005.