Ann: Morila Gold Project Recapitalisation Update, page-331

Simply W S has DCF at $1.44. Appears analyst estimates are a bit behind and only one has provided data.
Analyst estimates start 'big' in 2026 at $364.26m, 2027 $200.11. In 2028 and after estimates are showing decreases each year starting with a 32.12% decrease in 2028 with the rate of decrease reducing each year.
The NPV for 10 years coming in at $927.45.
Not sure why the 1 Analyst covering LLL showed a decrease from 2026 to 2027. This triggered extrapolated decreases for years following.
Interestingly 3 analysts show an average 12 month price target of $1.44. (same as DCF) with a low level of agreement (more than 15% apart).
LTR show a DCF of F $4.45. No Analysts reduction of estimates on a yearly basis so extrapolated estimates are positive.
The point i make is that the $1.44 DCF estimate is obviously under value due to the Analyst estimates reducing leading to lower yearly cash flows extrapolated.
If the bottom line is say for example $1.20 or $1.40 per share due to discounting 15 months of escrow left after the Treadstone report that could be hard to get even close to offers to buy FFX.
Actually hard to see any conclusion except a return of the out of escrow returns.