Hello Terry.

Your reasoning and logic are rock solid. Also the pure offhand simplicity of what you say makes sense. 

There’s always a danger in overstatement because it can take you out on a thin string of far out conclusions. Over-thinking the subject can get you lost in a tangle of unsubstantiated or under-substantiated or under-corroborated evidence. So I have absolutely no argument with your very plain and unadorned way of summing it up. Without doubt, you are hitting the nail on its head.

Except for one thing. One enormous world class thing. The length and breath of the Magpie Mountain extends way far out into the distance. The mountain is made of a confirmed billion (not million) metric tonnes of consistently-graded eleven percent near-surface Titanium ore (which also contains other valuable mineral constituents). 

My argument is not with your train of thought. In fact, I agree with what you say and the way you framed your thoughts. The only thing that puzzles me—and is just plain wrong and way off—is your estimation of Magpie as a “$9-$10mil Project.” 

This is not a question of different ballpark estimations. When you add three zeros to a million you get a number with nine zeros. There’s a thousand-fold difference between a billion with nine zeros compared to a million with six zeros. More than anything else, the thousand-fold difference between billion and million sums up the present market error, which is not so much a simple error. In plain fact, it is—in scale—an error off the charts. 

Nine to ten million (as you put it) is the price of a very luxurious house in a very pricey neighborhood. Granted, in terms of family finances, such a house is beyond the financial resources of many. However, a world-class-size resource such as Magpie is on a different price scale, no matter how outlandish anybody’s family budget is.

In terms of sheer size, Magpie is a big enough mineral resource project to seriously boost the income of a major corporate entity. Billion dollar assets are routine entries on many corporate balance sheets. A billion dollar asset (certainly one of a billion metric tonnes of Titanium ore) should not be priced anywhere near anybody’s family living accommodations (even those of the greatest wealth).