Ann: 1.2 Billion Tonne Mineral Resource , page-3

I've based my valuations on the last cap raising done at 55c. It seems to be the obvious position to commence a conservative estimate from.

The previous 328Mt resource @ 17.3% results in a contained metal of about 56.7Mt. This gives an EV/tn of 91c. (I use contained metal as it is the only way to factor in varying geologies across magnetite deposits and provide a yardstick to compare with hematite. Many analysts simply use resource tonnage for iron ore but IMO this is incorrect. You don't do it for copper and gold so why do it differently for iron ore?).

Now the 1.235Bt upgrade at 16.8% results in about 207.5Mt of contained metal. Using the EV/tn of 91c, the expected share value is $1.77.

So with a conservative view, there's still plenty of upside. I won't be selling as I expect the market to eventually cotton on.