First of all, hard not to draw a comparison with E25 whose market cap has been around $200M for a while now. E25's project contains current JORC resources in excess of 260Mt of manganese ore which is much more than FRB and their project is obviously much more progressed.
But FRB is catching up. The bulk metallurgical test work program is scheduled to commence in February 2022 (17/01/2022 announcement) and the PFS will probably follow in the weeks to come. The PFS will likely include results from the metallurgical test work program (grades achieved in the first preliminary tests of 31% seem comparable to those achieved by E25, 33%) and hopefully an expanded Mineral Resource Estimate at Oakover on the back of the promising assay results (announcements on the 07th and 08th of February).
Hopefully FRB can continue to learn from the E25 development template. E25 incredible rise started with the release of their PFS in May 2020 so I look forward to FRB starting theirs in the weeks to come.
There might be some key aspects of FRB's project that I am not aware of (could logistics be a challenge for them?) - I would welcome any feedback that could explain the lack of interest in this very promising company.
FRB Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
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