I agree. I’m slightly better than break even at the moment having averaged down to 3.5c. In reality, Assuming the $110/t and Headgrade Improved NPV from the PFS of $A669m, you could valued it at 15% of the NPV or around $100m.
Today the MC is around $120m with a SP of 3.7c. Arguably, many supporters will jump in and say things have changed and that IO is worth more today and so, but imo the valuation is probably in the right ballpark. The next 12 months could change all that with a DFS and project funding being put in place. That’s the upside I am looking for.
Having said that, I wouldn’t have an issues if someone came in and started to push the SP up to the 5c level.
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