andewa project update, page-17

Too many variables for me johno.

Head grade of gold and exploration target in terms of tonnes or JORC compliant (JORC better but based on the experience of management, there exploration target could carry some significant weight), these 2 alone will give you contained ounces to which we can apply an EV to based on peers, likely capex and opex to give the NPV would be gd too, gold forward price is another big input.

I however, consider basing FNT?s value on comparable projects. Take AMX for example, non producing, 2 million plus oz deposit discovery, with upside potential, higher sovereign risk than us IMO, Market Cap of about $400m. For me this is my benchmark.

FNT has multiple projects going tho which in their own right can be world class. So based on my earlier email under ?update? if we have about 140m tonnes at 0.5 g/t, this will give us over 2m ounces (un JORCed but likely to be converted to). And that?s just scratching the surface at Andewa, just imagine if we get the surrounding EL granted, the mind boggles as to what we could be sitting on.

Lets just say, there is HUGE upside potential. For me, if we hit 0.5 g/t id like to think that by Xmas, $1.00 is on the cards, that?s a market cap of $300m which is $100m shy of AMX and that?s not even factoring in Ok Tedi JV?s or Tassie. Oh yeah, our register is tightly held too, and considering that if we strike gold, ud be silly to even sell out at $1.00 I think that this level is reasonable and justified. Germanist suggest $3.00, i wont contest that suggestion because our contained ounce potential is massive so its not out of the question, but to have a $3.00 by xmas considering limited drilling, i find it harder to reach but not out of the question.

The above is all IMO so DYOR

boy