@share_time Couple of things to clarify from your post are incorrect. Firstly, it's not difficult terrain it is in a low flat area near the Hammersley ranges - not too far from Hammersley gorge actually. Secondly, its not under deep cover - it's near surface and easily scoped for open pit as it starts well above the water table present at other local operations. Thirdly, access does not need to be negotiated with anyone - it abuts local roads and site access is available anytime.
If they wanted to ship themselves they would need permission to road haul to Port Hedland and also port throughput capacity which would both be difficult but not impossible. Have always said i cant see any of the majors interested in this given what resources they have but that doesn't mean other parties wouldn't see it as a value buy and make an offer. I first bought into Winmar for this asset years ago as knowing the area well it made sense at the time. Living in the Pilbara firstly for the 80's and then back since 2000 and working professional roles for one of the majors for over a decade my only problem with this resource has always been the impurities - notably especially high silica that would really need blending or beneficiation.
Ask this question - if it is worth nothing why would the ASX care??
Its because it is worth something and the problem is PF1 wrote it down to nothing for tax reasons firstly which is why its suspended and then because they are nitpicking with a microscope on PF1 after the cobalt debacle and PF1 didnt mention in the prospectus they wanted to spend anything on this asset.
I valued it at $5m years ago given the issues spoken and at a lower price of around $75 US per tonne, I would think $10m is now appropriate given the sector and iron ore price multiple.
Read the mine gate scoping study from a few years back if you need further proof of this. From memory it made profit from $96 US per tonne in that study.
