The facts are simpleRarely.1. FNT's mkt cap is $10m - $12mThere...

The facts are simple

Rarely.

1. FNT's mkt cap is $10m - $12m

There was a recent right issue and I've pointed it out to the thread before. The undiluted market cap is $14 million.

They wanted to raise more but there was a big shortfall. This in itself is a bad sign. MGO has always been well supported by intitutional investors and had no problem raising cash.

2. KODU currently has an NPV of $600m+ with more to come

So they say.

3. A new jorc is due soon

I will wait for it. It will have to show major increase in tonnage to be interesting - not just 20% or so.

4. Kodu is near Kokoda track and so FNT is being discounted heavily for this but I feel $10mkt cap vs $600m NPV is unjustified, moreover the In ground Value of Kodu is $4Billion (Source FNT web site)

This is a low grade porphyry deposit. Unless they have invented a way to magically extract the copper for free in-ground value is pretty well meaningless. They need to achieve a large enough tonnage to justify the huge capital investments these things require. So far they are not close - half a billion tonnes or so would be more like it. They at least need to have this potential.

MGO has only recently crossed the threshold and been recognised by the market for it (somewhat). Their current tonnage is 660 million, FNT has 110 or something at Kodu?

5. Kodu is but 1 of 3 projects with the others looking as promissing

If none of them are up to scratch then it makes no difference if they have ten. They should probably focus on one as they have limited money to spend.

6. Teck Cominco have an option JV with FNT

If the deposits are up to scratch then the majors will come - if they aren't, they won't. Having a locked in JV can be a big disadvantage as less room for negotiation. IRN may well have got a better deal than they did with Xstrata.

7. Most active explrers carry a mkt cap of $15m let alone those with JORC deposits

Depends what the market thinks of them. As I pointed out they are very lose to this. Another half a cent ought to do it.

8. From a technical point of view 12C is celar support so downised is minimal

Up to you on this.

Those are pretty general thoughts and I haven't had a close look at the projects so will leave it there.