Ann: Tin Drilling Discovers Large Mineralised Skarn near Renison, page-224

Well, here's my speculative opinion guys. IO to hit $55 as called be the Aus government in their budget report, (timing speculative but look like sooner rather then later) then a rebound to reasonable price where hopefully shipping costs have come back to a reasonable level post covid vaccination rates world wide hitting targets. Past performance is not a reliable indication of future performance, however China cost to produce their own IO are around $100 due to the poor quality. Our cost are lower for higher grade but have to add the high shipping (at the moment). The big boys RIO and BHP have production costs around $15.
Same chart as you McHale but i've gone back further to include the fall and bounce during GFC.





China with their cut back in steal production due to their own property bubble/debt crisis and also the ESG stuff (which seems more of a cover to me) I believe all will be temporary (how long?). The Chinese government has already shown it is not gong to let this bubble pop, they are following the same road map as US bailing out the banks and extending loan terms, they are just letting some air out before reflating (3 child policy). My opinion. I guess we have a 12 month wait for IO price to come back up and shipping cost to drop, but who knows and maybe then we might even see a more sustained stable price on IO. On the Tin front it seems the sky is the limit. You cant blame management for IO price, it is what it is, at least now the mine is set and ready to run at a moments notice to take advantage of the next window of opportunity.

Going in the bottom draw.