Had a look at the PDY offer and the Chinese value them at $50M...

Had a look at the PDY offer and the Chinese value them at $50M (3.3c offer). PDY has a jorc resource 50% larger than FWL. That would value FWL at approx $34M meaning the offer would be somewhere around the 30-35c mark. Not sure FWL will go for such an offer, assuming the Chinese value FWL similar to the formula they used for PDY. I note PDY has not traded at the offer price and sits 40% below that price today possibly because they are awaiting FIRB approval.

Any other thoughts out there?