high-grade hematite reserves increase by 24% , page-25

IMO there is nothing wrong with Economics 101 mudguts, but rather your understanding of it. If SDL can not acquire funding and progress the project forward, then a T/O is the option. The price that will be eventually paid for SDL will then be a function of the number of interested parties, or in other words, the DEMAND for SDL the company. If there is only one interested party, demand is low and there is no price pressure. Your looking at the demand for iron ore being higher and extrapolating that to meaning SDL should be worth more, but you need to look at the demand levels for SDL, which at the moment are very low. SDL is the item being sold in the market, not iron ore.