Ann: Calls for Preliminary Registrations of Interest, page-20

Now come on Baz, let's be fair. I have a strong interest in IRD, but I don't own any shares in it because my analysis tells me it is not a viable proposition. You disagree with me; fair enough, but that doesn't answer the concerns I have about how they pay for the massive cost when the io price returns to around $60.

Perhaps everyone is expecting the io price to keep powering past $90? If so, I then understand the basis on which you think the project is viable. (I don't agree with that assumption, but at least it would go part way to providing a logical explanation of how you think the debt can be paid back.) Have you done any rough numbers? If so, where is the money coming from to build the plant, railway line and port - without you getting diluted to almost zero?