What's catch with this low sp??I am not familiar with iron but I...

What's catch with this low sp??
I am not familiar with iron but I guess profit/ton is somewhere $100-$150/ton at least. And looks like some more coming from rest of 20% drilling program.
1 million ton production/year should be over $100million profit/year depends on joint venture and how many % project.
But if total capital today is only $11 million, chinese company could buy out whole company rather than investing money for JV.
Seems easy to find JV partner and in that case less money for FWL to prepare.
I wish I had $11million and buy out and wait till production.

But what's the cathch with this underpriced sp??
Take time for production or no money in the bank??