Assuming 250Mt in the ground and 260M shares on issue gives a...

Assuming 250Mt in the ground and 260M shares on issue gives a fair value of $0.38 per share, based on an in ground valuation of $0.40/t for magnetite ore from similar sales and valutions in the past.

Of course, those valuations do not take into account Razorback's particular attributes, such as access to rail & port, nor its ease of grinding (its not a banded ion formation), nor its upside. The affect of Royal's partner on that valuation is also unknown, although Gindalbie also has a 50% partner in Ansteel, so it should be a positive.