Based on the 27/10/10 presentation according to Malcolm Carson,...

Based on the 27/10/10 presentation according to Malcolm Carson, with 1.4b tonnes of ore at 24% Fe, can be upgraded to 200m tonnes at 56% Fe.

Share price at the time was 25c giving a EV per resource tonne of $0.09

But our SP is now 17c, meaning EV per resource tonne is 6.12c.

Based on the closest takeover EV per resource tonne that is AGO/FRS of 91c, our share price should be $2.525

http://www.sundanceresources.com.au/IRM/Company/ShowPage.aspx/PDFs/2261-66832402/UBS12082011

Looking at RIO's $32m buy of one of IOH's tenement with a resource of 106m tonnes. Excluding considering of royalty, EV per tonne is 30.2c

Using this RIO-IOH valuation, we should be technically 83.8c per share.

Thats how much we are heavily undervalued by.