Ever considered the following?EXM 2,500M shares Mkt...

Ever considered the following?


EXM 2,500M shares Mkt [email protected]=$30m
Cash $11.5m EV=$19m

JORC [email protected]/t Au = 1.3M oz Au Equiv (copper credits)

Cash Costs $260-$325/oz = Margin of $775-$840/oz







FML 2,650M shares Mkt [email protected]=$66m
Cash $20M Debt $10M EV=$56m

JORC [email protected]/t Au = 1.8Moz's Au

Producing owns a 1.3Mtpa plant cash costs $600/oz and may get higher as they go underground


Cash costs $600/0z = Margin of $500/oz



EXM's head grade will be 4-5x higher and thus its cash costs half that of FML

So EXM's margin should be 50%-75% higher than that of FMLs

EXM's resource is largely open pit vs FML which has a good portion underground



Based on the above comparison I can see EXM is worth at least 2c pre production

if the drilling yields good results which extends the resource then 3c is on the cards

if they can upgrade the resource by say 50% then 4c is on the cards


Food for thought, enjoy : D