Ann: Acquisition of DSO Nickel Laterite Project and Financing, page-26

the other thing that to value, is peer AVQ is ballpark 10 x the size of deposit.

just a quick hunt for jorc - if anyone has other AVQ jorc appreciated.
http://www.axiom-mining.com/irm/PDF/2713_0/BeaufortSecuritiesHighmarginlowcapexspecialopportunity

"Axiom’s Isabel Nickel project is probably the most important (large, high grade) unmined nickel laterite deposit in the Pacific. It has an historic non-JORC resource of 159Mt at 1.05% nickel from the shallow low-grade limonite zone (INCO mostly drilled to 6m). While deeper drilling and on elevation highs demonstrates very widespread high-grade saprolite mineralisation (1.5% - 3.0% nickel)."

Also, i do look at FD, as when consideration for options.  I often buy options, but need to think about  the MC at strike today script, and more so, the dilution ahead that will push that MC target higher to convert them.

I agree, the FD is not relevant today to the heads, but only as a consideration if you think about buying options.
A consolidation, eg. 10-1 and the old ops suddenly have a 11c conversion price. While they then issue more capital cr with new series of options etc, with lower conversion prices.

At this point, the spec market is in a bear trend, has been declining since FEB, with commodity slump. So the value proposition needs to be linked to short term catalysts to make gains..