Ann: 2.2 Million Ounce Resource Estimate Transforms Morila, page-221

Wouldn't the starting point for the value of the new Licompany - FFL as per your suggestion for now, be the DFS?

My (complete guess) thought is that FFX holders will get a total of 30% of the newco FFL , with take off partners and finance partners taking the other 70% of the company. The newco FFL will hold 100% of the 80% of the project probably, depending on how much the Mali Govt. finally decide to take up.

So the value of one share in FFL will be determined by the total cost that the off takers and the financiers - the 70% pay for the privilege of owning FFL shares, using the DFS as a starting point. And how many shares the newco FFL has on listing day - say (an arbitrary) 100,000,000 ?