Certainly large potential growth in SP IMO based on historicals....

Certainly large potential growth in SP IMO based on historicals. Not to mention the potential for a return to dividends IF the company continues in an upcycle, maybe from 2025 onwards.

Personally I'm really happy with my wait and watch strategy with IRI, entered with a 34c average, and i'll likely average up through the hopefully decade long upgrade cycle. These threads have often been a bit bare, but there has been really good information and discussion last 2yrs on IRI being a quality business, and I think the recent upgrade has proven than this quality business has survived and will hopefully flourish for another couple decades!

Reviewing this upgrade against historical performance (and we can because SOI is essentially unchanged), it isn't hard to see the company being able to return to a significant dividend yield (even based on 80c SP). I'm not expecting anything straight away, but they had EPS >8c/share between 2015 and 2020 and over that time paid 43c in dividends - paying essentially 7c per year... Even low single digit growth from here just about confirms this can occur from 2025 onwards again, especially considering they don't really need A$20M in cash on the balance sheet if sustainable growth and profitability has returned.

A wonderful turn around in play IMO, now to fill the boots and hopefully enjoy the future income stream.