dbk, when FSE fully dillute, include the options, they will have 1200 mill x .04 = 48 mill mc.
Their asset is a 55% interest in two coking coal tenaments.
Only one of these tenaments has a resource attached to it, being 508 mt.
So their asset is 55% of 508 mt = 280mt plus 55% of tenament no2 whose resource is yet to be announced .
Just to compare, their neighbour CDS has 70% of 415 mt = 290 mt coking coal, with a MC of 145 million.
I dont know what resoruce the second tenament will be, but you could speculate that they have either equal or double the resource of cds, and 1/3rd the mc.
CDs also have some smaller tasmanian coal tenaments to their credit.
