488 mt maiden resource!!! , page-21

The basic rule of thumb for pre-BFS juniors (as per the July Foster report) is 40c p/t of iron.

So 488Mt at 40c times 43% Fe is $84m. With 240m shares that's a simple E/V of 35c per share.

This, of course, takes no account of EIO's infrastructure advantages, including over 300km of ready-made heavy-duty rail that would save $500m+ in CAPEX and allow fast-scale development.

Not to mention the generous tax advantages available as a start-up in Nigeria, nor the fact that only 15% of the first prospective lease area has been measured and that there are a further 14 other Co leases.

Further, a close-to-surface deposit also offers a more economical strip ratio to help keep costs down.