equalising the percentage share gives the firestone deposit an effective value of 18c/tonne in situ against a res valuation of 9c/tonne in situ. It appears likely that the two deposits are fairly similar, with thick shale content, so I would suggest FSE is overvalued at least 2:1, relative to RES currently.
I hold RES but not FSE.
Ann: Resource Upgrade and Sekoko Agreement , page-38
Currently unlisted. Proposed listing date: APPLICATION WITHDRAWN ON 28 MARCH 2024