FG1 base metal upside

Although FG1 has so far shown no interest in promoting or working on their west coast tassie base metals ground, i thought i would try and find a recent base metal IPO for relative valuation purposes. I am not saying these two companies are one for one, apples and apples, as there are always different moving parts with these things... just comparing the two. The obvious difference is one has worked on and progressed their base metal play, and one either doesn't know what they have or there is some other reason why they haven't moved at all on it as yet.

I came across Belaralox Limited (BRX) who listed January 2022 and have been working on their base metal play in NSW. They also have Au ground in WA but have not focused on this and done no work so I assume holds little value. A few collated facts below.


How they started and valuation variability

		Time Since IPO	Raise	SP High	SP Low	Market cap high	Market cap low
1	BRX	8 months	$5M @ $0.20	$1.54	$0.28	$72,503,231	$13,182,406
2	FG1	14 months	$10M @ $0.20	$0.205	$0.086	$19,491,400	$8,176,880

Where they are at currently

Code	SOI	SP	MC	Cash	EV	Current return % from IPO	Recent Liquidity last 5 days trade $ value
BRX	47080020	$0.605	$28,483,412	$3M	$25.4M	plus 200%	$1,615,970
FG1	95080000	$0.098	$9,317,840	$5.4M	$4M	minus 50%	$28,740

Prospectivity - FG1 data from historical documents found on Mineral Resources Tasmania web site

	Deposit Target	Exploration	Region	Results		Resource estimates
BRX	VMS	Drilling, active	NSW	success with drill, low to mid grades		None - working on it
FG1	MVT	Desk top review, inactive	TAS	no work done,		3 prospects within 8kms of each other
				Gov data - heaps of historical work		1.9Mt @ 8.7% Zn (primary sulfide min only)
				abundant mid to high grades in drilling		513,899 t @ 5.1% Pb, 2% Zn, 62 g/t Ag
						500.000 t @ 2.5% Zn

What they have done and are up to currently - enthusiasm for the project ie the absolute first call basics, exploration geo 101

	Time it took to complete and announce historical review				Progress
BRX	<1 month, found mid grade drill hits.				started drilling within 2 months, assays turnaround 3 months
	immediately planned field work incl drilling				resource estimate underway, 3D model completed for targeting,
					geophysics complete, ground truth 34 targets ID'ed, ongoing drilling
FG1	not yet, +12 months to tell market they started review				no known progress

It appears FG1 ground is significantly more advanced than BRX as it contains known resource estimates as exploration targets to follow up rather than BRX still working towards establishing a resource estimate. Grades on FG1 ground seem generally much higher. FG1 have been working on their gold projects on the east coast of tasmania with generally good results (all be it done at a glacial pace), and done no work at all on their base metals projects on the west coast of Tasmania although their Dec 21 Qtrly rpt (i think?) mentioned they had spent $40k on them ??? no detail on what those funds went to though.

I cannot for the life of me understand for what reason a company with an EV of only $4M (basically priced as a shell) would sit on known historic mineral resource estimates that are wide open, begging follow up, without mentioning them to the market. If BRX current valuation is justified ( who knows if it is, may be over or under or right on ?), and they are working towards a resource of what looks low to mid grades and can attract a market cap of near $30M, then it would be reasonable to assume FG1, once (if) they think to advise the market of their prospects including the above resources and plan to, and actually conduct field work towards progressing them, then you would have to think $30M Mc minimum should be achievable ?? This comes in at an FG1 share price of approx 30c or 200% higher from current price. seriously undervalued just considering this project in my opinion but there are big questions here.. the big IF is IF FG1 are keen to progress this project. Although there are resource estimates present and about 50 other known mineral occurrences many including mineralization in drilling, there has been no indication at all they are keen on this thus far, listed 14 months and have had these projects for several years prior to listing. The other if of course is if i have no idea on how to read government geological reports of historical results. i could be wrong or missed something ?

I am interested in hearing others views if you have any. Have they not reported these findings to the market because they don't know about them ? Are they too busy to bother ? I wonder how many hours a week the board members actually spend working on FG1 if they dont know about these resources and obvious upside on their tenements ? Surely if its impacting their lifestyle to do this kind of work themselves, they could get a consultant to gather data and put a presentation together and make an exploration program to follow these areas up - would think a consultant doing a project like this would cost $10k or less to do ?? or maybe they are just not into base metals ? and think they are better placed to continue their "successful start" by progressing their glacial gold progress ?

As I have mentioned previously, FG1 seems to be going about adding value to this company in a pretty strange way ! Sure is frustrating waiting for them and wondering what their motivations are for not progressing their projects like this. massive upside if they do decide to start work though !