What is missing is information on what percentage of the...

What is missing is information on what percentage of the material is fines (much lower value that $75/tn) and how much is lump (ie what the smelters really want).

At $3.80 and 30.8m shares on issue the market cap already fully reflects any profit in this resource.

There are other companies out there, operating in Brazil with larger resources that are similar geologically that represent better value and more upside than this stock.