Is HIO a trading or long term play?, page-36

You may well be right Sam. As Tran has pointed out below there are a few other factors that could increase your valuation so regardless we are looking down the barrel of at least a ten bagger.

Personally I think the bulk of the main development costs will probably involve initial stripping, slurry concentration plant & waste dams and 2 (water in/slurry out) pipelines. The stripping & mining could be subcontracted out to save CAPEX and the ore body is not that deep. It would be crazy to build a small slurry pipeline to Silver City, so no saving there, however the concentrating and pellet plant could be staged. My guess is that if they raise $300m + any offtake partner pre-payments could be ~20%+ of the total CAPEX and that combined with the ability to generate revenue relatively quickly would get a loan across the line. They will easily be able to demonstrate that the cost blowouts that FMG just experienced at Ironbridge, also a magnetite mine, won't apply as external infrastructure is already in place and the raw ore is soft and processing water is available.

For these reasons, I don't think they will need a partner and anyone big enough to contemplate it would probably deduce it would be easier and cheaper just to take HIO over, and at 69c they would be geting a bargain.