I just noticed an ambiguity in my post: it is the feasibility...

I just noticed an ambiguity in my post: it is the feasibility study that is planned for the 2016-2017 financial year with a view to enabling a well-considered decision to be made on resuming operations on a basis that involves sustainable, low cost, high grade operations. I do not think we can or should expect any resumption of operations until after that feasibility study has been completed.

Given that FML previously processed 170,000 ozs pa, do your own maths on what will happen even if they resume and only at that level with 180m shares, a price of gold above AUD1800 per oz and a cost of producing of around AUD1000 per oz. Assuming 180,000 ozs and those amounts gives a profit margin (before tax) of AUD80 cents per share. Make some allowance for some exploration cost and for company tax and then make an assessment on whether FML is worth more than the current share price.