I'm no expert on GRR but that has never stopped me making...

I'm no expert on GRR but that has never stopped me making observations before so what the hell, with beer in hand, here goes, a view from a different prospective never hurts:

• GRR averaged over A$340+ per ton for their pellets.
• Now lets be pessimistic and halve that, $170 Per ton for premium assuming Xi can keep his foot on the IO brake.... which is questionable given he has driven coal prices through the roof and power plants on fixed prices have shuttered or can't get supplies causing massive power shortages and pollution as they ramp up their own production low calorie coal - a situation that will continue until at least March next year..... just to spite Australia. His wisdom of playing the same game with IO is likely to come under close scrutiny as between these two bum strategies + their bullying self-defeating diplomacy, has put their status as the world's factory in permanent decline. But luckily, HIO will have other outlets.
• HIO pellets plus it may well be amenable for a cold pressed product of even higher purity.
• GRR's market cap is over $600m, 10X more than HIO's yet it appears it will struggle to get to 7.5 mt of annual production in the next 3-4 years by the looks of itvs HIO's 12mt with easy access to port via the slurry pipeline then to port via silver city.
• HIO low grade ore is soft underneath only shallow overburden vs GRR's hard deep magnetite
• With pellets being a dry product, who knows (pure speculation on my part), it may go straight to nearby rail then to port without the need for a slurry pipeline, cutting costs and freeing up CAPEX for a value adding pellet plant.
• Hawson China delivered IO (non-pelletised) cost of $48.03 is way below GRR's FOB cost so HIO will be ~ 2x more profitable per ton even without the pellet premium.
• HIO's costs for pellets may approach $60-70 delivered but sale prices could well aproach A$300 making todays prices look absoutely absurd which won't escape the notice of predators forever
  

So in summary, it appears to me GRR is a great investment whereas HIO is exceptional, which I believe is pretty much in line with what you have been posting.