which project are you talking about Blacktrade?If its Iron...

which project are you talking about Blacktrade?

If its Iron Valley you are looking at a mine gate sale. So there are minimum ammounts to be purchased by MinRes but we are derisked on that project (but with upside to an increasing IO price).

Min Res takes on operational and financial risk for the mine development. Not us. At $90/t you are looking an an annual EBITDA of of $20m according to IOH.

If you are talking about the Bucklands project the PFS was looking at around $50/t FOB cost- with hopefully a partner to take on disproportionately more of the capital cost. Say at $100/t looking at an IRR of above 20% so project economics still stacking up.

Again with upside to an increasing IO price.

Im pretty sure potential investors would be aware of the higher P% given its right there in the preso! Past broekr reports have stated around a 10% discount for this factor.