RE:RE:RE:One person’s viewOur sensitivity analysis also highlights the significant upside the project would enjoy if iron ore prices are above our US$70/t estimate or the premium for higher grade iron ore products increases with stricter environmental regulations.Currentiron prices(US$186/t)and high-grade premiums(US$72/t)would result in a risked SOTP valuation of C$8.16/sh, a 1357% upside to the current share price.Whilst we do not consider current prices a reflection of the longer-term market, the project may enjoy elevated free cash flows from a protracted increase in the price.