ibg takeover target by nyrstar

Ironbark's current capitalisation gives an enterprise value of approximately A$7.50 per tonne of currently inferred and indicated resource of 4.5 million tonnes of zinc.


By comparison, largest Ironbark shareholder, Nystar recently signed a deal with Talvivaara Mining
Company of Finland to acquire 1,250,000 tonnes of zinc in concentrate form for US$335 million or US$260
per tonne. This is indicative of the type of valuation that Ironbark?s largest shareholder may place upon its strategic investment.

Talvivaara has an Indicated and Inferred Mineral Resource of 5 million tonnes of contained zinc mineral
resource. This implies an acquisition multiple of US$67/tonne.


Ironbark's current capitalisation gives an enterprise value of approximately A$7.50 per tonne of currently
inferred and indicated resource of 5 million tonnes of zinc.
Nystar acquired its recent holding in Ironbark at A$0.35 per share each, investing A$15.0 million. This
gives an idea as to upside expected by Nystar in Ironbark.
However, with an exploration target of 302Mt to 347Mt @ 4.4 to 5.0% zinc, the current valuation for Ironbark appears singularly conservative.