I think you need to be a bit more cautious when talking about this going milti-bagger. IMO don't calculate on anything near current iron-ore prices as this will be driven by supply and demand. There are plenty of other explorers moving towards mining (eg EFE, MEP, WPG, etc) and the big boys are also expanding current operations.
So while management might be quoting margins per tonne, IMO you need to be guided by global contract pricing and growing supply. (eg. Conroy tells us that the uptake for the NBN in TAS is over 50%, but industry analysts tell us it is actually under 20%).
So where would the SP be if the margin was only $20 per tonne?
IMO only.
(I hold IFE and have invested in the current entitlement)
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