I don't pay too much attention to the lifecycle valuations, didn't FMG hit their highest peak even before any iron ore left the ground? I'd argue that we wouldn't be completely out of the 'exploration' phase either, especially not with an upcoming resource upgrade and PFS. Plus we've already had an institutional placement which the graph has pigeonholed into the 'mining' phase, take it with a grain of salt.
My 2c
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