you've got to be kidding, page-24

asf: Citi target of 10c is if moly and copper prices fall, cost rise, cant get any further with Merlin.
$1.2 is if moly rises, get somewhere with Merlin.

UBS trades are very interesting give Ivanhoe has appointed UBS to see if there is anyway advantage can be taken of trq selling stake. (see annual report this year)
Make of that what you will. I have my own opinions..and they are not pretty.
Then what is in this game.