Karara 68 % plus grade, page-50

Not quite above water.

As noted previously there is still the railways guarantee which has some 14 years to run.

And there are also some environmental guarantees.

These are considerable sums which are a large chunk of GBG's cash. GBG will commence spending on Mt Gunson soon, so GBG will still be vulnerable.

Only real way forward for GBG is price of Magnetite to be $US120 per tonne.

It will happen sometime, but not sure when that will be.