biggest no brainer on market, page-4

At 350m tonnes at 56% Fe x say average of $10 per tonne would be equivalent to $1.96 BILLION or roughly $2.00 per share

Or another way of looking at it. FMG has 2,367Mt @ 58.2% Fe and has a market cap of $15 Billion. On this basis I get $2 a share again for Flinders.....

So basically you are paying a 5% option over success. I believe this option should be more like 25% which equates to a share price of 45 cents per share. That means 7 cent downside versus a 26 cent upside…..

No brainer imho