Last quarter cash AND investment reserves (excl FEX) = +72 (+42m...

Last quarter cash AND investment reserves (excl FEX) = +72 (+42m cash +30m investments)
Add FEX = $18.6m + option value say $2.5m (they valued options 1.5m 31 Mar on 26.5c vs today 31c)
Interest income will be larger say +5.5m for the quarter

I'll stick with $500m re above which is around 41c.

Any inventories unsold or about to load a boat that misses above (still in current assets), well its only a matter of time to be added.

NTA though $775m? Trading a heavy discount to book

From the last quarterly
After positive working capital movements during the quarter, the Company’s cash and investments balance increased by $72 million to $430 million at 31 March 2024, equivalent to $0.35 per share, compared with $358 million at the end of December and $162 million at the end of June 2023. This excludes the value of Mount Gibson’s 60 million shares and 25 million equity options held in Fenix following completion of the Mid-West transaction in July 2023. At quarter end, these shares and options had a market value of approximately $17 million.

Also:
From time to time Mount Gibson hedges a portion of its forecast iron ore production. At quarter end these hedge contracts covered a total of 35,000 tonnes per month (total 105,000 tonnes) during the June quarter at a fixed price of A$188 per tonne (CFR, including shipping freight), protecting a substantial cash margin on these hedged tonnages. These contracts had a marked-to-market value of $3.5 million at quarter end.

And finally:
The Group’s cashflow for the March quarter totalled $42 million comprising operating cashflow of $41 million from Koolan Island as noted above, plus interest income ($5 million), less net corporate, administration and exploration costs ($4 million).