australian article, page-3

last BRM preso also sheds some light.

EV at 80c/tonne - FMG > $6/t.

And although FMG is a producer with cashflow (and infrastructure), a lot of the other explorers have an EV of > 80c/t and they dont even have an economic resource in terms of scale.

You would think that higher EV's should be placed on those with enough scale to get to production and reap the economies of scale from that...

As for the DMA resource, it is a bit rich using a cut off grade of 27% and comparing your resource with ours...

Market agrees with DMA market cap only at $20m