Interesting the Catalyst Hunter team noted "Generally, we think a company should be valued at around one third of its NPV in a DFS. That would value FYI at circa $333M. FYI is currently capped at $175M, so we see a lot of upside here."
If that is the case, then one third of USD$333m is AUD~$445m which is approximately $1.40
ADN has a cult following and their NPV does not take into account the JV with MEP which makes their market cap even more staggering - I think it got to over $900m at some stage. It's made lots of long term shareholders multi-millionaires over there though
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