Nobody seems to be talking about CIA. However here are se thoughts.
The company is bringing in tidal wave of cash which should pay for its expansion without any debt. Afterwards in mid 2022 it will be producing approx 15mtpa of 65% iron ore. Assuming they realise US$150 / tonnes (which is well lower than the current price) that is a gross margin of $1.5B per year. Maybe $1b after tax. Giving a PE of approx 2.5.
Using the current price the PE is more like 1.1.
All of that that for a company with an excellent track record, good management and zero debt.
Sure the production is high (circa us$50 a tonne) but still I reckon a PE of 7.5 is easy to justify at an assumed $150/t sale price. So I reckon these guys are worth about $15 per share.
65% Fe at US$199/t, page-2
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