valuation, page-2

Mattkid, my last valuation and peer review was when IRD was around 65c and it was clearly undervalued on the current resource. My projections with the upgrade maintaining the same EV/tn value forecasts the share price on the upgrade to between $1.7 - 2.0.

As for the grade, it is lower than its peers however it's the DTR results that are more telling. The ore is coarse grain and hence easy to separate with a relatively coarse grind, producing concentrates at 68-70%. For magnetite deposits this is very important because grinding costs energy and the more you need to grind the greater your energy costs.