I think look carefully at the numbers and how they are reported.
i think the answer is Hawsons makes an 18%IRR. at
us$$63/t 62%fe price assumption.
Razorback makes something like that IRR at $120/t Fe.
give or take a dollar or two. But what is the IRR at 63/t? the difference is stark, obvious and rises above any other metrics.
Which one will be developed first based on those metrics. Whilst razorback might work at the current price. the risk is much less at hawsons.
which one has a company backing it with $200m.
HIO holders see a genuine re rate based on rising awareness, derisking. And financing progress.
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