Not sure your calcs are correct. FFX just took its $20M allocation in Leo, so that's our cash down to $80M. Unless you have confirmation of shares on issue, my guess is Leo will come out of the blocks around $600-$700M market cap, not $1BN. Let's say FFX's share of that is $140M. AISC is travelling a bit higher at the moment until we start ramping up Morila Super Pit so $700/Oz is a bit optimistic.
So yes, its very good value, but not as ridiculous as $20M.
FFX Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
