I agree Chambers, even at US$90/t pricing, AUD:USD of 0.93, 5% discount for lower grade ore and A$70/t costs I get an NPV10 of $250m and IRR of 30%+ (assuming 4mtpa production).
If they can get $50m for it then share price should be around 35-40c (excluding other assets which I value at zero). Has been a very long road but a deposit like this is unlikely to stay in the ground. Would be a great fit for Cliffs or Minres, but Asian steel companies would also be interested IMO.
They will need a big player to back them in order to get port capacity so that is my main concern.
Cap Raising, page-6
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