When a company has to plug new numbers into a 9 year old BFS, for purposes of a presentation, without actually updating the BFS, then alarm bells should be ringing.
They didn't even have the PGM prices correct when the undated ("June 2021") presentation was released which is the funniest part. Rhodium, palladium and platinum all down about 20% from these prices.
I almost wonder why ASX hasn't asked the company to retract the presentation given that they are presenting in-ground numbers for rh, ru ir without a BFS basis - other companies get pinged for this.
What the the recoveries of all of these? Oh that's right - they haven't figured that part out yet
The question is has it increased in value by 10-fold (FME $120m mcap on a fully diluted basis) since PAN hocked it off 6 months as a $12m turd to be polished for a backdoor listing and a 100:1 consolidation
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