Iron ore price went up a shitload in 2016, surprisingly. There...

Iron ore price went up a shitload in 2016, surprisingly. There are worse things to be invested in.
But I dunno why IRR costs what it does. It's a fairly unique business model, so it's hard to compare with other explorers. Maybe you'd pay $3 or 4 million in market cap for a brand-new early stage explorer with a serially-successful boss and a district-scale prospective property. Multiply that by the 40-odd properties IRR has; add $10m each for NM, Sumitomo and Assore, add $10m for the bauxite, $20m for the iron, divide it by the number you first thought of (3) gets $60m...double it because it's thursday and that's roughly their price.