I had planned to sell some FFX today, but at under 40c, I’d call it a buy (even though I have too many shares already)! Bear in mind that each FFX share includes 0.2 LLL shares (worth say 18c) and let’s assume the $97m held in cash at 31 March will see FFX through to reaching 200koz pa gold production, so we won’t count the cash. At 38c per share, that means you’re paying 20c for the gold.
By way of comparison, West African gold producer Perseus Mining (which had a similar amount of shares to FFX prior to acquisition of Orca) with 500koz pa is trading at $1.90. If Firefinch were comparably values, we should be worth 80-90c (including the 18c for Leo holdings).
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