Just came across this and wanted someone else to give me a sanity check.
Red Hill Iron (RHI) state they can selectively open pit mine 4.68Mt of ore at 56% grade (as per screenshot).
They have entered a JV with MIN now for their Redgate operation (2.33Mt) causing SP to rocket (+213% yesterday).
RHI now has a MC of ~$240M. I see they have a PFS from 2014 saying they have estimated 29.3Mt @ 54% Fe. Even so... this is crumbs compared to what MGT has at Razorback.
Are they way overpriced for only having 4.68Mt (or even 29.3Mt) of lower grade resource or are we just wayyyyy underpriced?
I'm not trying to bag out these guys. I just want to understand the competition so I can further my understanding of how MGT should be valued.
