Koolan Island, page-14

Main pit has 12.8Mt RESERVES at 66% Fe.

The RESOURCE in totality (measured + indicated + inferred) is shown as 41.9Mt at 64.8% Fe.

There is obvious potential to extend mine life well past the current 3.5 years where they will extract the current 12.8Mt reserves. Given the NPV for the current 3.5 year program, total mine life NPV could be significantly higher still, but subject to much more work on defining the resource and developing a cost effective mine plan beyond that point. The other imponderables at this stage in contemplating future extension remain the IO price and the exchange rate.

Irrespective, with cash reserves providing optionality for further investment in new reserves / new commodities, plus the near term positive outlook for Koolan Island, there is still a long way to go on this stock. I would expect a serious re-rate through calendar 2018 as we get nearer to first ore from KI.

My thoughts only and DYOR