FRB, an E25 Option?, page-18

I can't say rajotel. no one can tell they do the real met works. I think it's not in clay like e25's, (that's no bad thing) but just simply from the nearolgy aspect, one would presume its logically more likely to be similar than radically different. But Im not a geo. just a long time investor in such resource plays.

Frankly, both FRB and e25 look great. to me E25 is safer and more advanced and more assured - FRB has better gearing and can free ride on the back of E25's great work.

we calc that e25 will break through 10$ (at the very least) when the high purity mn deal gets done. Thats an A$ 1.5 billion cap co.(way less than its forecast NPV on that deal) And hopefully by then FRB should at least be an A$ 300 mill capper. (that's about 6$ a share undiluted- but of course there will be more dilution - as they'll need to do some CR's to progress their development - so more conservatively lets call that 4-4.50 $ per share diluted to raise sufficient funds.