I certainly agree, to a degree, especially regarding CZR's...

I certainly agree, to a degree, especially regarding CZR's financial situation having us a bit over a barrel.

With regard to IO spot prices however, I think it is something that we retail investors latch onto and use it to drive our emotion or is played into by big players in getting us to accept deals like this. As an example, I have investments in a few unlisted resources companies (one of the upsides of unlisted is that they aren't traded on a platform that see valuations change by the minute with sentiment - the valuations remain relatively stable regardless of spot price movements), one of which is a lithium company looking to vend a lithium resource. As we all know, Lithium is in the toilet right now. I asked the CEO (He is also the largest shareholder) "Should I be concerned about the Li price? Is it killing our chances of finding a buyer? Are we going to get bent over because of the price?" His response was "I don't really care about spot price right now, and neither do potential buyers. This is a generational resource. Each party has their view on the long term of what the contract price should be over the Life of Mine, and we will arrive at our valuations. Then it's just a matter of finding a valuation we are both happy with and making a deal."

I guess thats the same here with IO. Don't fall into the spot price trap. Sure, they might have a go to see if we fall into the emotion of todays spot price. FEX will have a view as to what their long term IO valuation is, and it likely hasn't changed 20% with the spot price since last year. The real question is, does their long term valuation of IO sit 40% below Miracle Iron's view of it?