ABSOLUTELY COMPELLING ECONOMICS, page-617

You are desperate.

You keep calling for sp = 20c for months now. Where is the 20c coming from? Do you pick it off your garden tree or thin air? By the way why not 18c or 22c or 5c. Why 20c? Show me your maths how you come up with 20c.

My estimate of $2 - $3 at construction-ready stage after off-takes and financing deals done and at least it is based on some concrete metrics that is MC/NPV = 20%-25% which is the typical ratio in mining projects at BFS stage completion.

Whether it reaches that goal of 20% MC/NPV or not is dependent on whole host of other factors micro and macro bit it is at least a goal based on concrete figures. Let me tell you this: if a behemoth of iron ore joins in as a JV partner my >$2 target sp will come faster than you think. Mark my words. You may fool a few holders but you cannot fool the market.