worth 15 to 20c, page-4

Very true Blackburn, but you also have to take into account that those shares will be issued at the JORC infered resource stage hence a bankable document.

So now lets do the numbers:

at worst we have 200MT @ 60% Fe (otherwise no JV)

value: 200MT * $100 p/tonne = $2 BIL ($100 is now bellow current value of IO)
lets discount this number by 50% just for the hell of it
= $1 BIL

Once the shares are issued approx. 3.3 Bil shares on issue fully diluted

$1 BIL / 3.3 BIL = $0.30


Not applying any multiples of IO cost appreciation as is currently clear, and even after halving the bare minimum.

Current share price 3c, based on numbers listed above going to 30c.

Give me a 10 bagga any time! I am a buyer at these levels, just too cheap!