FFX NPV Calculation - Morila Alone, page-77

Probably developments on the Lithium front are taking up all Docs time ATM. Capital Expenditure on GOLD expected fairly soon as per the Update ann will be around $50 to $60 ish mill depending on how the maxs and mins pan out.
The Doc would be expecting the spin off partner would be paying enough to more than cover Gold CAPEX cost for their share of Goulamina.
NPV of Goulamina is $A1026 mill. Its not a producer and will not be for around 2 years. So they would be looking for a discount for their share of the NPV to compensate for risks and the 2 year wait until production. Of course the partner would be seeing excellent growth prospects not the least buying near Lithium lows coming off the bottom.
I would not rule out the NewCo selling some shares as part of the Spin off to raise some cash towards CAPEX finance and working capital. That is fairly usual in a Spin off.
I am looking forward to seeing the eventual agreed value of Goulamina. What ever its going to be a lot more than the Euroz $A90 mill which is only around 8.8% of NPV. A value of $400 mill for Goulamina would be around 40% of the NPV. Whatever the value it comes with serious growth prospects.
Eg, if agreed value for 100% of Goulamina is $A100 mill and 1 billion shares are issued each share is worth 10 cents.
Eg, if agreed value for 100% of Goulamina is $A200 mill and 1 billion shares are issued each share is worth 20 cents.
Eg, if agreed value for 100% of Goulamina is $A400 mill and 1 billion shares are issued each share is worth 40 cents.
Eg, if agreed value for 100% of Goulamina is $A500 mill and 1 billion shares are issued each share is worth 50 cents.
Compare the above with our Current combined share price around 24 cents with < 1 billion FFX shares on issue.
In this market IMO the value will be significantly more than $A 100 mill. I think competition for a piece of the action will see a very good result.
But we have to wait and see.
I would not rule receiving 'lock stock and Barrel' offers that are seriously tempting.