I expect CHM management would say the following in their PFS:

1) Fire Lake East & West has the combined measured and indicated resources 693.5 million tonnes (mt) grading 31.5 per cent total iron (FeT).

2) Start-up cost is $1.6 billion (mine construction, transportation, setting up mills, hiring miners, etc.)

3) 20-year mine life

4) PFS is based on $115 (currently $153) per tonne of 62% concentrate

5) Pay-back period is 2.3 years

I don't think Canaccord will keep the sp down further as the trading volume goes up. It would be generally positive among investors in anticipation of off-take deal.