It's probably not $120M good. The vendor shares are $17.5M if...

It's probably not $120M good.
The vendor shares are $17.5M if valued at 10c, and they paid $12M (plus, obviously, since I haven't read in excruciating detail, the costs of the offer) and some rats and mice. This would normally be to the value of the money they've laid down to get the asset. So, their break-even after escrow expires (if any) is 10c. If the escrow is 2 years, their risk is the price is sub-10c, and they get towelled up.

The total assets are valued at $25M, so at $78M FME is trading at 3x book. That's not bad, all things considered. But book value is only book value if the value is above zero, and a metallurgically 'challenging' deposit without a DFS is...well, anyone's guess. But GNP wanted to pay $12M cash for it, so I guess the market price is what it is.

Director Performance Rights are $2.3M on a 10c basis (if they were treated as issued now). They are under escrow. It's up to an individual to consider if this is reasonable or not.

Basically, if the insiders are in at 10c, then 10c is where it will get to...eventually.