Some rough figures, please check.
420M FP shares
35M 2008 options at 20c assume will be converted
Cash $59M + $7M from options
Debt $38M
EV $72M
~8Moz resources (http://www.nortongoldfields.com.au/Projects_Reserves.htm)
EV/oz ~ A$9
Coal project is worth how much??
= Peanuts.
NGF slowly being de-risked by the market regarding recent history.
Un-hedged profitable producer rule of thumb is minimum $50/oz imo. OGC acutally had similar figures to this a few months back...
Chart resistance at 24c and 30c.
17c for breakout, page-31
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