I think it has to be 1:2 otherwise I wouldn't consider. My view - current FFR Shares ~300m, Share price 10c = 30m MC - 6m Cash = EV 24m, Resources 196koz = $123 reserve oz 1:3 = 37m MC -$188 reserve oz 1:2 = 55m MC - $252 reserve oz more realistic with all the upside potential. Remember we had a CR in October @15c. even with the Capital return for FBR you make a loss at 1:3. I think GCY has to offer something juicy to get over the line. IMO
FFR Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held