11c, page-26

IMO any resource around +1 billion at 60% fe JORC'ed should see the market cap be based on the ore body and the NPV of future mining cashflows. FMS is now moving from explorer to miner. Looking at the other Pilbara and MidWest juniors/mid like Brockman, Mt gibson, Murchison and Cape Lambert should see the market cap be worth 300-400million now (up from 80m on Friday)..so a factor of at least 3-4...ie 30-40c would not be unreasonable given the uncertainty of the JORC'ed resource is gone....then factor in that FMS is in the Hamersley..and with a rail line...and RIO standard assays and JORC....and Twiggy there for price tension ....and the Chinese bringing up the real.
Tomorrow will be a day to remember IMO....from explorer to finder and miner.... don't sell under 40c in the short term IMO.