Looks like the main seller has been Bell Potter 1st and retail...

Looks like the main seller has been Bell Potter 1st and retail via CMC 2nd. Based on yesterdays buying support coming in hard and fast, it looks like sellers have been soaked at bottom dollar prices and flushed out.

On the buy front main players taking position are UBS, AIEX, Euroz and Morgans which suggests they've cottoned on to the fact $FME is massively underpriced on a peer to peer comparison.



Using @mbomb's post from 9/11 lets plug in the latest market valuations.

CHN
10Moz of 3E PGM (pd + pt + Au) grade 0.94g/t
Nickel at 0.16%
Market Cap $3.45 BIll

FME
2.4Moz of 3E (pd + pt + Au) grade 5.2g/t
Nickel at 0.27%
Market Cap $64m

So essentially CHN has 4 x the resource size , but is valued 53 times higher than FME. Noting that FME's grades are substantially higher --> 5.2g/t vs 0.94g/t which suggest more economical to produce.

Very pleased with the Chalice result this week, it now establishes a means for benchmarking what the true potential of FME could be.

A crude comparison using 1/4 of the resource = 1/4 of the market valuation of CHN would have FME at ~$862mill MC.
Taking a more conservative view of 1/8th the MC of CHN is $431mill, which is 670% higher than it is valued at today.

Looking forward to further drill results to be flowing very soon, as we know they've drill over half of the 10,000 meters planned an assay labs will be dripping back results.