Grange's Iron ore pellets at A$427/tonne, page-190

Well maybe that's true.
But if so it's been taking it's bloody time.
I remember in 2018 this thing was 18c and paying a 2c dividend and it didn't "catch up" then.
It was an orphan...no-one wanted it.

As dividends have increased, the SP has been dragged, kicking and screaming, along with it.
It was about 16c not much more than a year ago. Again; no-one wanted it.

Now that it looks like dividends may (courtesy of record IO prices; nothing else) increase again, it seems someone with deep pockets may want to get onboard. Well that's fine; the more the merrier. Better late than never.
Just be aware that, at the first, faintest sniff of IO prices weakening I reckon this will drop like a head-shot duck.
Because we all know that, at the first sign of a decrease in cash flow, those in charge will declare a lower dividend to be the order of the day.
All just IMO.