high cost producer leverage to rising price, page-13

"..I am not a big fan if sp dilution but if CR can bring forward the production and growth then its probably worth taking the risk..."

Cash costs are only one factor in the equation. Clearly FML will benefit most in percentage terms if pog rises further. HOWEVER, any sp rise would not be proportional to the supposed leverage as it falls well short on ALL other measures, most of which I detailed in my previous post. Basically FML does (and must) contain a higher risk premium. Four million odd shares(soon) is a major hint.

As for bringing forward production by REPEATED cap raisings, well again I will make the comparison to two of my major holdings, both of which have been able to bring very major projects on line without eroding shareholder wealth via dilutionary capital raisings. TRY 88m, MML 188m.
Somewhat less than 4 Billion odd for FML. Past behaviour is the best predictor of future behaviour.