here is a real magnetite project fyi, page-41

Hematite referred to as DSO (Direct shipping ore)

Magnetite. The processing route for magnetite requires crushing, screening, grinding, magnetic separation, filtering and drying. The final product is a high iron grade magnetite concentrate (+65% Fe), with typically very low impurities.

Further processing involves the agglomeration and thermal treatment of the concentrate to produce pellets, which can be used directly in a blast furnace or direct reduction steel-making plant.also needs a lot of water for this process,this is a problem in the Pilbara.

ARH is limited to 1 bt even if they find 10bt.
We don't know how much it will cost to get ARH to market as our last cost analysis. was 4 years ago.

IMO all references to the Titanic are irrelevant as an analogy, as the Titanic was actually made and operating, neither of the companies used in the analogy are.

Come to think of it i think they built the Titanic in less time than it has taken ARH to get a backer.

Beer o'clock