Courtesy of JTB on ASF"RHI40 Million shares @ $2.30 = 92 mil...

Courtesy of JTB on ASF

"RHI
40 Million shares @ $2.30 = 92 mil MC
20% of 130MT @ 58.5% Fe = 15.79MT of Fe
EV = $5.82 Fe/T

CUL
475 M shares @ 10.5c = 49.8 mil MC
30% of 68MT @ 56% Fe = 11.4 MT of Fe
EV = $4.37 Fe/T *

*Considering RHI's cash position I think a $1.50 premium is fair enough

Now if we only look @ HLX's 'Kumina Creek' target and the conservatively stated >100 MT @ between 57% and 60% Fe.

HLX
114 M shares @ 21.5c = 24.5 mil MC
30% of 100MT @ 57% Fe = 17.1 MT of Fe
EV = $1.43 Fe/T

If we were to use CUL's implied value per ton then we arrive @ $74,727,000 or 65c per share"

Interesting post actually,
Looks good at present price
Still like cul