Ann: Fremantle Explorers Presentation, page-98

Big tax credits are underrated. They are a big deal, you have a bunch more cash to invest before you start paying taxes.

Taking the bait, lets say $35 million FCF, per year, at 5 P/FCF = $175 million and now $80 million = 2+ Bagger

At 10 P/FCF = 5 bagger

Lets say copper and gold go as they have been maybe add 50%, so 4-Disallowed?

Just wild guesses. And that is valuing everything else at zero.

BTW, have had several Yanks say they have been buying after exposed HGO there. They have to buy on ASX which very few Yanks have the ability to do.