Re: Ann Expiry of Unsolicited TGM offer, page-24

The s/p debate is a red herring imo so I'll reiterate my earlier point; if any of their projects had the potential to move the s/p in the way you're implying then they would have been mined years ago. A company's Resource base doesn't necessarily give an insight into the underlying quality of their projects. In FML's case this is very revealing, and the Reserve Table on their website tells the actual story:

So from a fairly sizeable Resource base of approx. 6.0Moz the total Reserve base is less than 200Koz, and now we're getting to the root of the problem - they don't currently have a bankable project.



The Reserve is what a company uses for mining studies (pfs and dfs), and the issue is FML simply don't have enough Reserves to commit to re-starting operations.