Ann: Direct Shipping Magnetite Resource , page-5

I looked back at previous ann. This one is from 28 Jan this year

Pre Feasibility Demonstrates Profitable Low Capital Start Up At Wilcherry Hill.
Highlights:
􏰀 Low Capital Cost Requirement
o $35 million funded and amortised by contractors o $10 million funded by IronClad

􏰀 Mining and Transport FoB Costs ~ $51/t
o Mining + Processing ~ $8/t o Transport ~ $29/t o Port charges ~ $11/t o Administration + Royalties ~ $3/t

􏰀 Anticipated Average Margins ~ $28/t o Fines ~ $23/t
o Lump ~ $34/t

Someone can certainly correct me. But my take on the figures is that the average margin was based on an Iron price of $79. The current price I believe in the spot market is around $135 so an additional $56 profit per tonne giving $84 per tonne profit. Based on 2mt per year that equates to $168m profit per year for the next 5 years regardless of anything else discovered or mined

Now we dont know the details of the arrangement yet for OMS. Ironclad have ann that the first 2 years supply will be 100% sold through OMS and have a sales contract with them. But even if they say had a cut of (I am picking a figure out of the air) of $50m, (based also on how they sell the product ie spot or contract) that would still leave well over $100m per year profit.

When will the market wake up to this company with a MC of less than $40m yet is likely to generate $100m in profit within the next year/18mths

any care to agree of disagree with my figures??