FH,The overall size of the resource most likely will be massive....

FH,
The overall size of the resource most likely will be massive. However there is phosphate around the entire circumference of the Georgina basin (billions of tonnes of it) and it is a low margin commodity in its unrefined state. The most important valuation factors in short term will be the amount of DSO, its grade and depth, and its distance to rail (further east is further away).

IMO the best bet for a major re-rating will be that a critical mass of high grade phosphate will be reached in the Barrow Creek region (including RUM's tenements) which will convince a third party to make the investment in a DAP plant, and/or transport infrastructure. RUM has been in talks with interested parties, and so has MAK for a few years now. Given the size of the investments needed it may take a while longer, but could eventually go the way of the CSM industry after QGC was taken over and commitments were made for LNG plants.