Ann: Investor Presentation , page-4

Excellent presentation.

Interesting too slide 21 which talks about the commerical structure for the mine being potentially different to the roads and ports.

They might take in different equity partners for both the proejcts and with offtake customers for the mine and capactiy customers in the roads and ports.

Given the port is scaleable to 20mtpa you can see why Engineering firms would be interested in the roads and ports piece under a BOOT type structure, and why other IO companies like Aquila have been mentioned as potential equity partners.

Getting capacity partners for the port helps with the overall economics of the project through economies of scale, spreads project risk across more partners, probably helps with debt financing if take or pay type structures are implemented and in the end derisks this project for IOH.

Looking forward to hearing about partner selection soon.