if you had to go "all-in", page-45

IRD with a EV of $85m is preposterous when compared to others, along with a few others. Just completed a $20m placement @ 90c. I'd be happy with that if forced. EV/Res is only ($/t) 0.07 with 1200mt - this is way way too small when compared to SDL & GBG. 4 drills are going and they are looking at an upgrade to 1600mt plus in a few months. Largest shareholder has bought close to $2m on-market at higher prices in the last few months.

Current share price is 90c.

Will increase over 11/12 with ease IMO as/if global growth recovers & iron ore prices improve.

I hold quite a few at much lower prices.