Typos and grammar errors, get used to it, the IOR proof reader...

Typos and grammar errors, get used to it, the IOR proof reader does not exist. You also need to read the whole thing an spot the errors and take it from there. Not good enough really but that what you get.

Your sums are possibly correct but the assumptions are hard to swallow. Your basic premis is that after phase 2 improvements and install/commissioning of phase 3 there will be no sales for the remaining 2 and a bit years and at end of 3 years no repayments made and IOR are sitting at or below currrent SP.

I am guessing that FS do not agree with that premis as owning a large portion of a failed company is not what they would be signing up for.

I also disagree with that assessment but my assessment is based on assumptions as well.

Fully funded for total project and working capital with FS likely demanding change in leadership in return for further investment. Not surprising as it would seem Cedric is now out of his depth and unable to move IOR forwards. Or Cedric’s personal life is not allowing him to focus on IOR, either way IOR was stalling.

New chief at the helm. A good thing and we all hope a new lease on life for IOR going forwards.

Experienced project team running the project. Best news in many years. An experienced project team should avoid the issues experienced during phase 2 install and commissioning. I would still expect a few issues but also timely resolution and managed approach to any unforeseen issues and not a drawn out silent hash like last time.

Both plants will be producing once commissioned the same grade and quality if not better than that which has already been approved by current customers.

We are assuming existing customer will buy ore again but no ideas at what volume. Big job for the new chief to sure up this. We know demand is there but sales have been far from impressive.

New contractor on the cards for general mining and cartage of low grade ore. Last one not up to the job. Another plus getting those around IOR up to standard needs getting low grade ore in sufficient qty to reliably feed the plants.

If it all goes to plan it sounds almost like a new company preparing to take on the high demand for Iron ore.

Interesting 12mths ahead and looking better than it has for some time. Looking forward to progress updates.