Terms of the mine gate deal were never released.
However at AUD120 a tonne on a 6mtpa production rate IOH said the deal would generate $75m EBITDA.
Assuming then that 4mtpa is achieved in Year 2 EBITDA could be around $50m.
Applying a producer 3-4X EBITDA multiple for a producer you could run an argument that even at $1.90 a very small valuation is being placed on Bucklands.