Ann: Venture takes major step towards Riley Iron Ore production, page-77

Pos
Drilling at Riley will uncover nothing there is no extension geology and the IO is a cap .it is quite an anomalous resource in the location. There is nothing below it and even if there was, the chances of mining it would be zip because of its location - adjacent to Lake Rosebery.
It is potentially profitable because of the almost zero strip ratio.
Also
Morningstar valuations ( if you refer to those available free on the Commsec website with which I am familiar) are nothing more than an average of historical sale prices and volumes relative to the day of the report and the overall sector valuations within the ASX as far as I can see.
Check out other stocks you own and others that you dont and then see how much cred those valuations provide.