"sorry Edgy, but we will NOT be bought out for 5% insitu, especially considering that Cliffs is involved,"
Most correctly said.
5% applies to normal valuations with partial N.I.43-101 (i.e. not completed drilling ) and
no feasability study. With the above completed it is approx. 10%.
With major infrastructures and permits in place the percentage goes to about 20%.
With mine built it becomes 40%.

HOWEVER, and it is a Big however:
The above is only a starting point during a buy out. Buyouts are a special case because they command premiums. Those premiums depend on the market, category of mine among others.
FWR was a prime example of premium - approx. a factor of 4.
Apply that factor to our current price and you have 6$.
Apply that factor to my last value using the 5% which was about 1.90$ and it becomes 7.60$
I'll bet that quite a few would sell some if not a part of their holds at these prices.

I expect an initial/feeler offer between 2 and 3$. Real ones above 4$. With any competition it could be 10$+.
Any way you look at it, several times our present share price will apply.

Cheers.