Letter to Shareholders, page-10

Not sure where IOR is headed, just HOPE & PRAY that all that has happened and is happening since FS came into the picture is going to justly reward all the Loyal Long Term Shareholders, all holders.

For a long time most of us wake up to a sea of RED when we look at our respective holdings/shares, holding on to the Belief and Trust that come 2019 things will be better and we finally move into the positive Green Territory, as management leads us to believe.

IMHO the plant or production is not a 100% of the equation. Retaining the mine Lease, Constant Production and then Sales & Money in the Bank is a critical part of the final lap.

As for comments on Cedric, not really knowing much about him past or present, a commonsense thought process tells me that; he Was & Is the Man who Slogged (travelling to India, Hyderabad to the Mine -time and again-away from his family-not forgetting the China trips-meetings & meetings) Nurtured and Steered NSL/IOR to where it is today, no one can or should take that away from him.

In my books, it was a big loss for IOR when he stepped down at such a critical juncture.
Truly hope it was genuinely for his personal health reasons (as communicated) and not ousted by clever design and or the Unscrupulous, anything is possible even in Australia.
Not sure what happened to him, nevertheless wish him well & a Speedy Recovery.

All over the world it is "who you know, not what you know", a universal truth.

In India more so than other places, it is primarily the rapport & personal contacts that play a major role, pivotal in conducting business. It is no doubt a VERY HARD PLACE to do business, which I can vouch for 1st hand. Getting anything done anywhere in India is Never a Simple as it could be or should be. Imagine, where would you even begin to find the right place, the right political environment within India and then the process of procuring leases for mines, getting the legal permissions and clearances etc.etc that go with it.
That to going up against very Old & Seasoned Indian Miners (most would are real living examples of "The Godfather") ......Hats Off Cerdic!!

To see anything trough, the likes of our IOR projects, needs that peculiar or special skill which all do not possess. Cedric definitely has that skill set, especially with the Bureaucrats, but importantly with the Chief Minister Mr. Naidu. Imagine, even being offered to set up a steel mill, that itself speaks volumes for his abilities, rapport/competence. Apart from what we already know, the large number of Sites that he was able to procure for IOR which now enables us to even talk about phase I, II, III etc.

Not sure if any of the new names or faces that have come on board the IOR bandwagon possess such a unique skill set and can Harness & Further Develop where Cedric left off, but the where these guys are entering, is without a doubt "Getting it On a Silver Platter".
With all the hype, lets see what all the new kids on the block can put on the table as Proof of their Achievements, Contributions to IOR and the benefits to the company and its shareholders at the end of the day? All should be Crystal Clear within 6 months and surely before the next AGM 2019.

For Cedric's sake (as i think he is still a holder) and for the sake of ALL THE SHAREHOLDERS, I hope one if not all the new entrants will add to value addition of management and steer the company to its logical success. If not, I can well imagine where we are headed...........................................

Just off the cuff, again my own opinion, Sean Freeman has put in the hard yards on Site living away for so long, deserves credit for that, the rest we know nothing of their contributions to IOR.

Of the newcomers, possibly Dasari Rao (man in India) & Nik Senapati may have some skills as they seem to have been active with the Indian businesses community & possess a historical connect with the country, time will Test & Tell.
Regardless, previous jobs held are No Indication of what these guys Can Do or Contribute to IOR. India is a unique and different, also remembering this is the only IO mine set by an Australian Company, in my book none of their previous or historical achievements will apply here. This is a New Company, New Country, New Rules of the Game with an ever changing Political Scenario.

The AGM should give us a hint, if not Direction & Clarity of things to come, including a real time frame where we can all expect to be relieved of the uncertainty that has loomed for so long.

I have my Fingers Crossed, hoping for Good News which will also benefit all who have shared and traveled this Turbulent & Arduous journey, which the company must keep in mind.

Let's see if are ALL Rewarded with a major jump initially in the SP & Dividends paid down the track.