Ann: Independent Resource Estimate of 6.9Moz PdEq, page-46

Think you fail to grasp what the company is trying to do in terms of adding scale for a potential bulk mining operation. This has been flagged from the company some 6 months ago that they were targeting this. 1.2g/t is decent enough. Importantly theres circa 3moz that can be targeted at 3.57g/t. There are South African operations which do a similar style, they open pit mine and separate out the high grade stuff from the low grade stuff and process separately into a concentrate. The high grade stuff is higher margin obviously but the lower grade stuff is important for overall scale. Strategically it also adds value to the overall resource.

If you look at chalice they have an overall grade of under 1g/t for their 10moz. Market cap 1.4bn. POD has a market cap of 100m and 2.8moz at circa 1.5g/t. If you look at the real world mining implications of trying to get all 3 operations into production I think you will find that FME has the most favourable set of circumstances, let alone the valuation discrepancies.