fml potential, page-5

FML valuation.Also reserves are widely spead. Difficult to determine long term mining costs.

I feel your valuation its very optimistic as there is no differentiation between inferred and indicated gold reserves. That is the reason I referred you o the link. I feel it's a best case, no risk, valuation.

I value at FML, using only a gold valuation, as follows

AUD gold sales price = 1100 poz (flip a coin)
AUD FML gold cost = 500 poz (if trust FML cost estimates)
Gold oz pa = 100000 or 50000(trusting enough reserves etc!)
shares on issue = 1.5 billion (more dilution on the way!!)
PE = 7 (allow for some risk)

valuation = (1100-500)x100000/1500000000x7 = AUD0.28 ps
or
= (1100-500)x50000/1500000000x7 = AUD0.14 ps

The above is dependend upon everything going to plan. However a successful Nickel spinoff may boost the valuation.
Future announcements may change everything