Both great companies, DJ only uses A4N as a comparison for what...

Both great companies, DJ only uses A4N as a comparison for what a market cap is achievable for IPT.
IMO IPT is ridiculously undervalued while A4N is close to its fair value at its stage of development.
IPT’s Capex will only be $250 million and much of it should be financed from both state and federal government grants. Setting a mine and operation should not be a problem.
Having such a low Opex will allow IPT to weather the market up and downs, even at production of a few thousand tonnes pa it will still be very profitable and if markets requires more HPA, being such a large resource they should be able to double or even triple production without out the need of a huge outlay of funds to expand production.
Very unique mine, once in a lifetime opportunity, IMO.
Market is waiting for confirmation of the completion of Metallurgical test work and confirmation that good quality HPA can be produced, once we get that we should get a re-rate.
Off take agreements from end users will also be a major achievement and also propel the price higher.