Note - all in AUDThere was a feasibility study that showed 1.25...

Note - all in AUD

There was a feasibility study that showed 1.25 mtpa @ $111 / tonne would deliver ebitda of $16.4m.

This equates to 1.25 mtpa x $111 / tonne = $138.75m revenue for a $16.4m ebitda, so when extrapolated this means the cost is $122m.

But the current iron price is $175 / tonne, so 1.25 mtpa x $175 / tonne less $122m cost = $96m ebitda

Current market cap $52.3m, shipping early 2021, simple operation of dig and truck with no railway or port to be built, $15m cap raise complete, fully funded $12m capex, traditional owners signed off, huge global infrastructure spend coming meaning strong demand, perhaps some currency risk with aud forecast to hit 80c USD, etc

I welcome corrections and comments, but my simple analysis above easily supports a $1.00 share price

DYOR