Hi all,
With the first shipment of iron ore scheduled for Jan 2021, thought I'd start a new thread focusing on project fundamentals. As this project cements itself as a ca$h cow, the SP should soon rerate to somewhere close to fair value.
At the current iron ore spot price and exchange rate (Scenario 1), the Fenix SP has a valuation of at least $1 - representing close to 5X upside to the current SP of 23c. Under a 'worst-case' Scenario 2, there is still close to X2 returns to be had.
This rough calculation does not consider other positives, most notably the 1 year of discount unwinding which brings considerable upside to the project NPV. Also worth noting that Fenix's Iron Ridge project is funded from the August equity placement and 100% of production is covered by offtake agreements.
Exciting times ahead and looking forward to hear everyone's thoughts!
Cheers and DYOR (my personal opinion only - not financial advice),
L
Fundamentals
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