I can't believe the market doesn't attribute any value to...

I can't believe the market doesn't attribute any value to Southdown either. If you do some napkin math, it gets quite silly with iron ore at these prices.



Using this slide from the DFS presentation, a 18 $us/t increase in 65% concentrate price from 125 $us/t increased NPV by 840m $au.

With 65% concentrate around 270 $us/t this gives us :

(270-125)/18 × 840m = 6.76bn $au increase. Plus the 1008m $au initial NPV.

Total NPV with iron ore prices adjusted = 7.77bn $au

Add another 10% extra NPV from the current 0.79 AUD/USD exchange rate instead of the 0.85 used in the DFS.

Total adjusted NPV of around 8.55bn $au.
Of which GRR currently owns 70% or 5.98bn $au.

Plus the DFS was done for a 14 years mine life because of the permitted area at the time, when there are enough for around 30 years+ at Southdown.

Of course nobody expects IO to stay at these prices for 30 years but it's funny to see how little value is reflected in the share price.