http://www.abc.net.au/news/2013-07-23/roger-montgomery-talks-to-t...

http://www.abc.net.au/news/2013-07-23/roger-montgomery-talks-to-the-business/4839176

Roger Montgomery probably will agree with me.

ScottT,

I agree. As I said before, the best way is STOP drilling, STOP spending on salaries ($1m per quarter).

Hold as much cash as possible, just keep a few staff for JV partner negotiation.

ROY already got 4Bt resource, if mining at 12mtpa will take forever to finish... what is the point to prove you got 6Bt??? Absolutely no point, because it is CAPEX (multi-billion dollars) JV partner has trouble with NOT total amount of resources (as long as you got >2Bt).

The CEO of JV partner is worry about borrowing multi-billion dollars to invest in ROY... NOT worry about if mine life last 40 years (eg 4Bt) extend (ie more drillings) to 120 years (eg 6Bt). CEO of JV partner will long retired before mine runs out.

The CEO of JV partner is worry about low iron ore price, not profitable enough to repay loan.

Why spending $3-5m p.a. on drillings?

At current rate of spending, by Jan 2014 capital raising is around the corner.

Most micro-caps can only raise about 10-30% of what they ask for eg capital raising of $10m only get $1m (10%), but they spend $1m on salary per quarter.

Just IMHO