Taking into account of BREE's $94/T average 2015 iron ore price...

Taking into account of BREE's $94/T average 2015 iron ore price (a just revised figure for Federal & WA governments for budgeting guidance - smells like a consensus reached with the Big miners).

Assuming AUD=$US 0.88, $94/T is $AUD 107

Atlas's FY15 cost guidance of all-in cash cost of AUD $68-73/wmt CFR

Then even with discounts for grade, blind Freddie can see the stock is oversold in the extreme.