F451, 100% agree.

IMO, the root of the problem is that these bids are based on the ridiculous Stifel report and the NPV in the Eagle's Nest Feasibility Study. Despite EN's true value, both of those are probably limiting what BHP & Wyloo are willing to pay today.

Whereas retail (myself included) refuses to ignore the huge potential of all the chromite and the other deposits. Wyloo and BHP know it's there, but without a complete FS, don't want to pay for it.

And the billions the government is (re)pledging for the road should reduce the capex required from whoever starts developing the region. IMO, that should increase the intrinsic value and hence the share price even further. But, of course, BHP and Wyloo probably only see that as potential upside/cost savings, NOT something they should include in their share price calculations.

GLTA,

Hobbit.