Look at the latest FMS broker presentation. On page 21 there's a...

Look at the latest FMS broker presentation. On page 21 there's a graph showing "Market Capitalisation per resource or target tonne".

I was pretty surprised to see BRM near the TOP of the list - i.e. - with the second highest market cap per resource. It's displayed as $3.35 per tonne. And of course FMS is at the best value end of the list at a mere 28 cents a tonne.

Firstly - don't you love how they've mixed up "target tonnes" and genuinely JORC'd resources.

Secondly - they've only calculated these numbers using BRM's JORC'd DSO. Yet the graph refers to Pilbara hematite and no mention of DSO is made anywhere. Of course, it wouldn't suit FMS to show BRM with a lower market cap for a JORC resource compared with their "target resouce", would it?

Sloppy and misleading.