Whilst we would all like FAS to be bigger than FMG, I think a...

Whilst we would all like FAS to be bigger than FMG, I think a few facts and valuation come into play here.

There is only 20M MT of CONFIRMED RESOURCE. Nothing more, Nothing Less.

If we assume that the current price remains the same and SHIP sells for USD $110/ MT. With AUD/USD $0.90 = $120 AUD

Yilgarn Average is $70 CFR China = $50/MT Profit

Therefore $50 x 20M MT = $1B. FAS receive 50% = $500M. That is over life of project.

There are approx. 1.4B shares on issue + 200M options. Fully dilluted 1.6B

Therefore without discounting any models valuation BEST CASE valuation is 500/1600 = 30 cents per share.

That is once they are funded and have shipped first ores.

Once they are funded and have port access, I would value it at 50% discount being $0.15.

DYOR