1+1 equal 11, page-18

More drilling will not only result in a bigger resource. This will also have an impact on project economics to fully understand high grade zones, as well as shifting resources from interferred to indicated/measured categories, which will impact resource valuation.

I am not sure if project location is difficult to reach and this is the most likely reason of current valuation. Greenland is centraly located between North America and Europe, and the resource is next to the sea. In terms of valuation, I think IBG should go for a secondary listing on TSX or AIM because ASX tend to undervalue oversea assets, based on my experience.

Other than that, I think your female friends are right.