Demerger process, page-44

Frivolous comparison between Firefinch and newcomer Firefly:

FFR just announced resource: 196Koz @ 1.45 g/t. 6M cash, EV $37M
FFX: 2.3Moz @ 1.5 g/t, 4.5Mtpa plant, producing 40Koz pa, clear path to 200Koz+ pa and 3Moz resource. Top 5 hard rock lithium resource to spin out. ~$27M cash + bullion, EV $148M
If purely on a resource basis they were valued equally, FFX would be $434M, or FFR $13M.

Obviously FFX should be valued differently as a current producer with plant and major non core assets (to the gold biz). If Goulamina is currently valued at $47M (cf. latest Euroz, less diff. from valuation target), ditto CIL plant $24M, then the 2.3Moz resource = $77M.
FFR = $188 per oz
FFX = $34 per oz
You'd think actually producing gold would improve the value of ounces in the ground! On the ASX apparently the reverse is the case.