At $1 sp, MC is $476mil. That is still only 7.6% of the NPV of...

At $1 sp, MC is $476mil. That is still only 7.6% of the NPV of $6.2bil based on price of 62% Fe ore at USD $120/ton. Current 62% Fe ore is about US $200/ton (NPV would be more than $12bil). Typical MC/NPV of many mining projects at this stage of progress (pre-BFS) is 15% and 30% post-BFS.

It will depends so much on the new management team. But so far they seems very active, very aggressive, and very determined to move this project forwards.