Ann: Investor Presentation May 2019, page-8

Yes this will re-rate. Markets hate uncertainty. IRC has too many balls in the air - not a criticism - on contrary good depth of projects out there some fully carried. No debt. On paper they have the quals/experience to make it happen. SP will rise significantly once things are bedded in re merger and acquisition. Merger will happen. MRP no cash to develop. SLR has now risen post merger with Doray. Some posters maybe underestimating value of MRP assets - Boorara will be a winner. I hold both MRP and IRC. Not ramping. I just like the spread - depth and breadth of projects - some have to come good. Good buying at 11.5 on risk/reward - I topped up today. Good luck - just needs some patience - coupled with the bullish nature of the POG should fly with time with no contraction of margin.