10% discount rate, $2.2b npv , page-22

What is being analysed here is very interesting in terms of its eventual effect on FMS price.

When a share is in spec phase, - as FMS is now, - price projections are based on possible future numbers, exactly the sort of analysis going on here. Widely varying estimates mean huge possible share price variations. All good.

But once the project actually starts the analyst numbers become actual and real, and real PEs then dictate share price range.

What I am saying is that we have a perfect example of why the spec phase is often the most profitable purely from a trading viewpoint.

As an FMS student for some years, there is no doubt that at the very least, the PFS has put FMS on the radar of people who have previously not looked at it.

As long as the Fe price remains buoyant, its future looks pretty good to me. There will be pull-backs occasionally especially as the price nears its previous high, ie. long time loss buyers from the period will be sellers. I love new highs because that means everybody is eager and keen. Once we get there.....