HIO is rallying hard & IRD is Development Ready, page-30

All I can really add to your comment is that IRD is years ahead of the other SA magnetite hopefuls. Why? They drilled and drilled and drilled during the GFC and announced a Resource, Reserves (possibly largest in Aus), BFS, had the project approved by government and then even did more work to (significantly) reduce the capital intensity. They even took the results to the steel mills. They purchased a port site, sought interest to use the port from others and then that was endorsed by Infrastructure Australia.

They have done the hard yards.

IRD now needs a project partner to assist in funding. Most others are not ready to sign up a partner. I agree that the market caps are out of kilter, but I don't expect it to stay that way for long.