Ann: AusIMM RESOURCEFUL FNQ 2023 Presentation, page-4

As usual the bulls have been distracted by the fancy graphics but done no homework at all. LET ME DO IT FOR YOU

There is almost no new material information in this deck.
The only thing to draw out of it is that per the info on slide #6 it has produced 700ozs of gold in the 17days to March 26, ie a monthly rate of 1272ozs in a month of zero rainfall so the plant should be running like clockwork. However, the equity ounces for SVG are lower then this as they have cunningly mixed in toll treatment material so its impossible to accurately assess the ozs net to SVG, offsetting this is some tailings material at an unspecificed grade and tonnage but likely much lower than the RoM grade.
Even assuming it was all SVG owned material they are only producing at an annualised rate of 15kozpa. Of course we know that production in Dec and Jan and even some of Nov and Feb are basically a write off. Thus the company is currently running at an effective annualised rate of ~12kozpa.
Give them a $1000 AISC margin and that is $12m of cashflow before funding exploration and capex so call it a cashflow multiple nudging 4x EV/OPCF. I would argue a discount should be assigned for extreme low trading liquidity, expansion execution risk, sulphide based expansion strategy in a jurisdiction not known for it, as well as a Board anathema to most institutions given the related party sh1tshow

No bargain