Mattkid, my last valuation and peer review was when IRD was...

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.