The churn, which is annoying, won't last much longer as FEX is too cheap even if you assume more moderate IO prices emerging near term. I think the likely catalyst(s) will be a mix of port access, first mining or first shipment and receipt of cash. This gives a window to re-rate within the next 3 months. Attached is a table showing a range of valuations at various IO prices. Risk/reward remains heavily skewed to the upside.

Too lazy to re-write. Thesis is here. Since, the co has put everything inplace to sell ore early CY21 https://www.livewiremarkets.com/wires/strike-while-the-iron-ore-is-hot