It can comfortably go to $200mill MC on the existing resource alone Should be $1B MC already imo better sooner rather than later otherwise they’ll become a cheap TO target if they’re not one already The constant buying is coming from brokerages & I know these guys are targeting more that 10X returns imo
When FMG was starting out with @ $1B MC on 500mill tons @ 38% Fe & IO was only $65/t and they had no way of getting it out of the Pilbara, no access to road or rail
Can’t be f*ed explaining it to the HC “expert” down rampers but M4M has nearly 300 mill clean tons of Fe ( 600mill T @ 42% ) 300mill tons @ $116/t = $34.8B 34 000 000 000 (looks better when I put the zeros behind the 34)
So you see this play doesn’t depend on drilling Yes they’re going to drilling the African & WA tenements to increase the resources but a commercially more than viable resource is already there
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