There is a small trap here due to the SP and the SOI. $10M at...

There is a small trap here due to the SP and the SOI. $10M at $0.001 then it jumps to $20M at $0.002. Is it worth $10M or $20M or more? Right now it is not worth $20M. This is because no unknown additional value has been added to Iron Bear. They paid $1-2M whatever for the project. This was paid for by script. SH got diluted so that value is absorbed in the MC. The OZ and NZ projects are worthless or next to worthless. If they are not sold they will be left to rot. So the only value is the EUR shares which are collateral and the CUF shares. So we have the EUR shares at $7M and the CUF at $3M but they still owe on the last handout (I am not going back to check the details). Thus we have only $10M value until EUR and CUF rise and or the PFS comes out showing how they have solved the logistics. EUR has to get to 30 cents to have CLE worth $20M. There is a time issue and some juggling has to occur.
Currently they have partial access to a small rail system and port facility that is at capacity. (The majority of the line can be upgraded with sidings but still a cost). That is less than Cap-Ex had 10 years ago (they had 16 Mtpa capacity then) (Capex and the IO price were the killers then). They may get an solution for 6Mtpa but they are basing the project on 20Mpta which is not anywhere near enough volume (80Mtpa) to solve the logistics. Solve the logistics problem and then you have a Capex problem. Solve both and there is a significant upside. Don't solve them both, Iron Bear is a boat anchor and we are selling EUR and CUF to stay afloat.

So my view is that $0.001 is fair value at the moment.