RE:Second try$2.75/sh is reasonable in the near term and potentially another triple from there is what I see if the price of Iron Ore keeps to current range in the next 3 to 4 years. The main risk to these prices is spot price correction but CIA will come out of one of those in good shape and better than most due to low debt ratio.
I wonder when they will go for a bank line update ... probably this summer when the Ph 2 PFS is announced. Nice to see the thought that ownereship will increase to 80%. There is no reason why this doesn't happen via the expansion without GOV interest being sold at all if CIA takes on all of the new debt for Ph 2. It is unclear if the GOV will want to take on more debt at this time given jobs have been created.
Lots of upside on the resource side. Note that CFPS ratio of 5x is LOW for a company with such upside. I woudl argue that 10x could be justified but that is getting lofty and I might accuse myself of pumping with such optimism. Ha Ha.