Member Info for LTbeliever

Unirail has global sales of over 200mln, they bought another rail co in AUS, they take part in all Rail Exhibitions so this is bound to benefit TED; TED had 500k of Unirail income in Y/E 2024 and 500k of orders in H1 2025, so 1mln of Unirail income for F/Y 2025 is quite realistic; ignoring Adien which was profitable on m2month basis as per the last Interims; Co was B/E in Dec 2024, therefore income rising by another 700-900k viz-a-viz H1 2025 would mean -realistic IMO - 3mln for H2 2025 i.e. 5mln and a profit for the FY.

Just a REACH update but still, progress is ongoing - good to hear about the US visit! I think the SP has found a good resistance level above 0.70.

Mkt has no verifiable numbers now, hence the "shoot first" attitude by TP holders; in 4-5 weeks, when the AFS are released, there will be - IMO - greater visibility about many critical issues i.e. cash b/ces, projected and actual cash flows, need or not for a small fund raise (not, IMO), investment going into the smelter in 2026, prospecting activity for increasing the mine's acreage etc; TP may issue another Note, with maybe a Target price etc so we need to worry less now and just be patient (and accumulate!).

Sdad, Bobbust said he would, later in the evening.

Co had 500k cash in April, raised 900k in June for the mine blasting and the plant enhancements etc; Interims showed 400k admin expenses/cash burn for H2 2024; in a few weeks, the AFS for 30 June (after mine blasting) will tell us the cash as at eg 30 November i.e. some weeks of the mine and the plant being in operation; IMO, we will be able to glean a lot about incoming cash etc. I reckon that the 500k sufficed to end of Nov for admin exps, the 900k were not spent in full hence by early December the Co will have some cash left over plus any cash it may have received from Dnmng.

Chris, cash in hand is always stated at Y/E Results date, so people will know in 4-6 weeks; if 100k is needed, then the Chairman can just lend it as he has done over the past 2-3 years, IMO. I think the selling is TP related, either Nov 2024 investors jumping ship for some reason, or something else I can't think of; either way, it has no bearing on how the SP will do from Jan onwards, so it's just a BUY opp now for those who can afford to buy more, IMO.

If anyone could post here the TP Note's main points (instead of waiting 1 month for it), even better.

Chris, if ST funds were needed eg 150-200k, to see Co through to Jan, I don't think it'd impact the SP.

Something people will come to realise, MET is also an AI-related play - with the dash for AI supremacy, $blns being spent on data centres etc, demand for water to cool them down plus pollution increasing due to clean water becoming scarcer only means that demand for MET's 24/7 water mon. services will increase. IMO

A reminder for the LTHolders; the smelter will be the only one in SAfrica producing HPI (Sdad, correct me if I'm wrong); IRON is a LT play on Africa's electrification and shifting of metal supply chains away from China - IMO.

The undervaluation is screaming IMO; back in June, the Placing was done at 0.045 and now, 5 months later, with the mine and plant ready to generate cash W/O need for any opex/capex by IRON, the SP is just 15% higher, instead of 150%!

MET needs to close a deal with just 1 WatCo, then the rest will have to follow IMO. A matter of when, not IF.

IMO, something this week or next, confirming both the takeover of the mine and the plant by Dnmng (7 Oct stated "within 30 days"); we also have the Annual FS, in December the latest, and maybe some other operational update eg the smelter (this'd be the rabbit out of the hat)?

Hi Chris, as I have been monopolising the BB for some days, i will try to be short :)

I'm a new holder actually (since Sept) but intend to stay long enough to reap the expected reward; I start with the easier questions;

CEO; he seems to know what's he's doing (not from a mining background) and - IMO - might be the one who's actually steered the Co towards outsourcing?

Offtake agreements - not worried since Dnmng is obliged to sell all production, both of ore and the DSM magnetite; hence the many lines in the RNSs about "devising correct incentives" for Dnmng, so that it will keep costs down but at same time, obtain the highest prices; obviously, Dnmng should already have its marketing network so adding 20-40k tons to its existing sales should not be in issue - IMO.

For the energy supply to mine & plant, again IMO, although previous RNSs mentioned backup options and studies to minimise reliance on the state supplier, I believe that Dnmng must have it in mind and already provided for it in its production plans (could also be a chunk of its suggested capex) as the plant was 99% ready.

Re the smelter, yes, the main issue is lack of finance to complete its set up for full production of HPI; a state loan of 10mln was expected in 2024 but its delay caused the huge dilution by Nov. 24; I am optimistic that, once IRON has positive Cflow from Q1 2026 onwards, either it will be taken seriously by the state and obtain this loan, or it will manage to arrange alternative finance on the basis of its new-found viability - hence adding a 3rd income stream, which will be the most valuable of the 3.

Last year out on 28 Nov, so IMO in 3-4 weeks latest for Y/E 2025; we had Sales of 2.1mln for H1 2025, looking at maybe 5mln (min?) for FY, due to Adien and especially, TED (tnx to Unirail collaboration); if 5mln minimum, then Net Profits could reach +500k. DYOR and GLA, not long to go.

FWIW, my stake is approaching 1% (average SP cost around 0.05) and I am here to stay as I see IRON as a case of extreme undervaluation, especially after the last 2 RNSs; and looking at the big picture, the recent realisation by the USA/EU that China has cornered the rare earths' production/processing will make - IMO - non-China-based mining/processing of strategic metals more important to the West; although magnetite is a common ore, IRON also has titanium and vanadium and its water-atomised high-purity iron powder smelter should be operational in 2026 or 2027; remember that IRON promotes itself as "the mining development company focused on producing high-value strategic metals"; of course, I am biased so take what I say with a pinch of salt :)

Sdad, I am not in the UK currently; but I found a useful link re Magnetite concentrate; IRON is aiming for 99% purity so mkt price is at the top end of the market; an extract below the link:

https://www.accio.com/plp/magnetite-price-per-kg#:~:text=Bulk%20industrial%20grade%20magnetite%20%28e.g.%2C%20for%20coal%20washing%29,range%20from%20%240.80%20to%20over%20%241.00%20per%20kg.

FAQs

How expensive is magnetite?

Magnetite prices per kg vary dramatically based on purity, particle size, quantity, and application. Bulk industrial grade magnetite (e.g., for coal washing) can cost as low as $0.12 - $0.18 per kg in large volumes (tons). High-purity grades or specialized forms (e.g., nano-powder for toner) range from $0.80 to over $1.00 per kg. Premium synthetic magnetite powders like Neodymium Iron Boron (Ndfeb) command significantly higher prices, typically $30 - $65 per kg. Quantity discounts are common, with prices decreasing substantially for larger orders.

How much is magnetite worth today?

The current market value of magnetite is highly variable. Listings show prices ranging from approximately $0.08 per kg for high-volume water treatment grade to $0.35 per kg for standard iron ore powder in bulk (25+ ton lots). Specialty grades command premiums. Prices fluctuate based on iron ore market trends, purity (% Fe or Fe3O4), processing level, and supplier-specific factors. Always obtain current quotes based on your specific specifications and volume.

What is the price of magnetite ore?

The price of magnetite iron ore depends heavily on its iron (Fe) content. Magnetite ore with a minimum Fe content of 60% is typically priced in the range of $80 to $250 per metric ton. This translates roughly to $0.08 to $0.25 per kilogram for the raw ore. Higher Fe content magnetite (e.g., 65%+) commands prices at the upper end of this range or higher. Location, market conditions, and contract terms also significantly influence the final price per ton.

Is magnetite valuable today?

Yes, magnetite remains highly valuable today. It is one of the two most economically important iron ores globally, alongside hematite. Magnetite's key advantage is its higher intrinsic iron content (theoretical max ~72.4% Fe) compared to hematite (~70% Fe), making deposits with high magnetite content particularly sought after for efficient steel production. Beyond steel, its unique magnetic properties drive significant value in diverse sectors like water treatment, heavy media separation, pigments, electronics (especially in synthetic forms like ferrites and Ndfeb), and emerging biomedical applications. Its value is sustained by ongoing industrial demand.

Sdad, IMO $200 t/magnetite is too low; should be - as a minimum - $450/t, to make it worthwhile (rmbr, profit is split 3 ways and 2 t/ore are needed as a minimum).

HChris, TP releases its Notes, in public, 1 month after producing for its own - paying - subscribers; the last public TP Note is from June 2025, re the Placing (900k); I got my numbers from the various RNSs, including Interim and Audited financials and then worked backwards. For the rest, we make assumptions, as you can see, as some of the numbers/percentages etc will be confidential between the 3 parties, plus we do not know what the Sales price of the RoM ore and DSM Magnetite will be.

IMO, the salient points are the average and maximum production at the mine (20.000 t/m, then rising), which belongs 100% to IRON so it gets the full profit after Dmng is paid its expenses+margin (unknown), and then how much ore is needed for DMS Magnetite (around 2:1 we said), but then profit is split 3 ways; obviously IMO, IRON would expect a higher profit per 1-ton of DSMM (despite the 3way split) rather than selling 2-tons of RoM in the open market (profits entirely on its own), otherwise why waste profit by channeling ore to the DSM Plant?

And btw, nothing prevents Dnmng to produce more than 30k tons of ore and sell the surplus to the market. So, $1.32 mln per month would still ne conservative for net income from the mine.

Thanks Sdad; I agree with the 2t ore / 1t magnetite (less conservative but can be realistic).

I disagree with the split of profit and "doublecounting"; profit from ore belongs 100% to IRON; if cost to extract is $30, as you say, Daemng will get 30+X (say 20%) i.e. $36; if mkt price is $80, then IRON gets Profit of $44/t of ore (or 30.000 x 44 = $1.32 mln pm from the mine).

I don't think there is double counting for the DSM Plant; the JV Plant has to buy the ore from somewhere; it buys it from the mine, say, @$80/t; whatever Net Profit there is from processing it into DSMM, is then split in 3 (or thereabouts). For 30.000 tons of ore, we get 15.000 of DSMM, using your numbers. What's the profit on that, I don't know.