I note that a previous poster has estimated the value of S2 at...

I note that a previous poster has estimated the value of S2 at $30m - $20m in the bank and $10m for the leases, which gave a SP value of just under 10c ($30m divided by 280m shares).

Given that the initial offer by IGO valued SIR at $1.8b, that implies that Polar Bear represents less than 2% of the potential of the current SIR.

That seems pretty low. I'm not sure that Creasy and Bennett would have taken the steps to ensure that it was not part of the deal if the true value was only $30m. There would seem to have it valued at considerably more.