Definitely an issue, but note in the presentation they only...

Definitely an issue, but note in the presentation they only estimate the viability of the Iron Valley project at either $90p/t FOB (as a base case) or at $110 p/t FOB (as an upside).

So I'm seeing a fairly realistic estimate of what the ore will actually sell for, taking into account exactly what you suggest.

They aren't valuing the projects on "pie in the sky" numbers IMHO it looks achievable with the usual caveats of risk to the downside as well as possible surprise to the upside.

It would be fantastic to see IOH secure an off-take deal for the Buckland/Bungaroo iron ore as this would show that they have a customer for the product and help remove any doubt as to the marketability of our product.