Ann: CEIP - Stage VI Drilling Programme Update , page-8

re: Ann: CEIP - Stage VI Drilling Programme U... Eyre, 17% is lower than the likes of GBG but it is a very high quality magnetite with minimal grinding required (this means lower costs). IRD's grind size averages 106 micron's where average is 28-38 micron's. As a comparable GBG's grind size is approximately 30 micron. This means that IRD CEIP project may produce a similar grade concentrate to their peers (it has been announced that the concentrate grade is >67% vs GBG's concentrate being ~68%), though at a significantly coarser size.

Let's also remember that with the current resource they have a project that has PFS to produce >12mtpa. In addition to this the resource size is expected to increase substantially to >2bt in the next 6-12 months.

In my opinion some important announcements (in addition to infrastructure) that will re-rate the stock include off-take arrangements and maybe a project partner (??).