"We rate IOH a Buy (Speculative) with a Price Target of...

"We rate IOH a Buy (Speculative) with a Price Target of $1.43/sh. IOH has a large resource base, with the two key assets Iron Valley and Bungaroo South strategically located close to existing or proposed infrastructure, and other producers with expansion plans. We classify this investment as Speculative as cash generation is dependent on agreement from other parties. IOH is unlikely to develop assets in the medium term in its own right as it has no access to infrastructure."