potential upside

With the initial results of the current drilling program due by mid June we should have some indications if the project will be commercial. With OMH taking a stake one would think the odds are reasonable. With SRR presentation late May the photos showed some pretty healthy looking Mn outcrops and obviously high grade lump ore - whether this continues at depth time will tell.
Looking at some valuations OMH has a market cap of $680m, CSM's market cap when taken out was $1B and the Mn component would have been arround $700m. SRR currrent market cap is about $30m - so there is plenty of room for movement if the goods are there considering their proximity to the Port Hedland Port (closer than Woodie Woodie) and that the mining process for Mn is quite simple and development costs low.