fex 2021, page-270

Yep, and given they are planning on shipping 1.25ktp/a, that gives them about 1.74 shipments per month once they are up and running. Quick high level calc with current I/O pricing and FX rate gives them annual revenue of about $282m p/a(1.25mt*174/0.77) before costs and tax(but also excluding any high grade/lump premiums). Basically these guys should print their MC in FCF(cashflow...) by the end of the year all going well.

Plus when you read the quarterly, the FS was quite conservative based on reserves of 7.8kt, but they actually have indicated resources of 10mt, so they might be able to scrape an extra couple of years of production out of the Iron Ridge deposit. Add to that, they have quality people on the board so will be looking to make acquisitions.

Happy to hold this for a while, but important to realize that these IO haulage companies will come under pressure(think Atlas Iron..) in the future when the conditions aren't so favourable with IO/Diesel pricing(probably why its being discounted by the market), which will change at some point in the future. Until then, hang on tight and watch the cash roll in.....