They have stated in their metallurgy report that their...

They have stated in their metallurgy report that their concentrate product could potentially be suitable for premium prices sinter feed. In not sure of the prices but they seem to think that their product could attract a premium price.

The iron ore price is still fairly high, currently around $167/ton:
http://www.mbironoreindex.com/
I think they are just being conservative with their figures as no one can predict what the iron ore price will be in two years time. Above $150/ton would be great.

There is the potential for the company to be making $75million - $100million+ profit in two years time so wouldn't the market cap have to be a multiple of that? Not too sure on that one.