Yes, cash is very very important in this environment. I think...

Yes, cash is very very important in this environment. I think it's why the likes of GIR and BRM have recovered so well.

GIR still trading well below the bubble highs of over $2.50 when they were actually holding less resources and lower prospects imo. McPhee Ck looks to be very important. If they can shore up a nice DSO resource there then we might be able to slap a better valuation of then for a takeover.

The BHP/UMC deal looks very cheap compared to the others. Maybe we could put $2 a ton on GIR as a pluck.

With 132m they are now sitting at $1.45 a ton, so still room to move just on current resources.

The McPhee main range resource update is supposed to be by the end of the year, but I can't see how they can drill out an 8km range and give a JORC on that length so soon.

Their own exploration target is 100-140Mt @ 57-60% fe. Lets hope they can deliver that by the end of year.

If they do achieve that, and we add it to their resource, that will take them to over 230Mt and they'll be trading back down at 80c a ton on current EV.

All things being equal, they should be considerably re-rated once again...