FFX NPV Calculation - Morila Alone, page-62

I think most would agree, one reason Goulamina doesn't get any where near a reasonable valuation is because it's lumped in with the gold, so the demerger is a good thing. Gold investors look at our valuation purely as a Gold company and forget about the lithium & vice versa. The demerger will rectify that problem

Another reason is because Goulamina is perceived to be on the shelf or back burner. No more drilling, development, no announcements to give the share price momentum. And this is largely true.

FFX has just raised $74m at 16c and still has a large overhang as evidenced by the continual profit taking. The last thing we need is another cap raise to finance the development of Goulamina. Profits from our gold production are already spoken for in the development of Morila over the next year. Debt financing could only be used for part of the development. The only other alternative is to bring in a partner, which is one of the reasons for engaging a merchant bank to realise the full value of Goulamina

Once the market cottons on to the fact the 5th largest hard rock deposit in the World is going to be developed, I can tell you it won't be priced at the present $30m ish. Unlike other advanced projects, Liontown & AVZ this is shovel ready, just add finance. It could easily be producing as per the DFS in 18 months.

Very interesting times ahead