FFX NPV Calculation - Morila Alone, page-54

At 24.5c we have a market cap of $191m take out the cash, an EV of $161m.

I'd guess of that $161m, the most the Lithium is presently priced at is around say $30m

Hypothetically, what if some one in the data room offered to buy Goulamina for ten times that - A$300m. That would be very cheap compared to Liontowns $750m market cap or AVZ's $570m (for 60%), and even cheaper again compared with some of the North American hard rocks.

We'd still have the gold EV now $131m plus the cash $30m, plus $300m less tax etc. say $400m or 51c a share

I think an offer of say $100m, the Doc would tell them to go jump. But an offer of $300m, I think would need to be put to the shareholders to decide. What I've written of course is just hypothetical, however a low ball offer of something like $300m is entirely possible. Most on this forum, myself included, would hope for a spin-out whereby the % sold is only enough to fund the project possibly combined with some debt funding.