a valuation model fyi, page-17

My understanding of why the Chinese like the Cairn Hill magnetite is because it is almost identical to local types of ore that they have been mining for ages. So they know how to process it and have existing facilities to do so. Hence the possibility of a DSO op with little processing at the Australian end.

Also bear in mind that the company has every expectation of expanding both the resource and production rate at Cairn Hill over time. The initial 1.2m tonnes p.a. is IMO just a "starter" operation and not the end of the story.

Finally, even ignoring Cairn Hill altogether some might think IXR is just a tad under-valued. So the placement at a premium is not that much of a surprise, to me at least.