I think this quarter or next will be able to determine if they...

I got about ~$15-20m gross profit at USD200/per tonne. Starting off with 30t p/m and ramping up to ~41.67t p/m. Not taking into account gold (next biggest resource included) and then Cobalt and lastly Copper.

Would like to know more about the metrics behind the Territory Minerals contract.
As a really really rough calc, but you need to take into account the cost for processing the gold, cobalt and copper. They are looking into those options though and we won't know until later.

Value wise, the total tailings is roughly broken up as follows (based on current market prices):
Iron ore = 54%
Gold = 26%
Cobalt = 16%
Copper = 4%

Back of the envelope, roughly yes but margin of error would be fairly high. Either way, just FE alone makes it very enticing. Not forgetting they receive 25% of the profits on the resource.

I think this quarter or next will be able to determine if they are in need of further funding. I think its pretty close though and we should see the turning point at least in this June qtr from a cashflow perspective. Once the offtake is signed up though, it should move the price pretty hard.