If LLL holds the IPO price of 70c, the FFX price atm of 96.5c...

If LLL holds the IPO price of 70c, the FFX price atm of 96.5c values the post spin off FFX at 47c.

This looks to be a good deal.

In a previous post I didn't even account for the 8% holding in LLL and said just on even conservative metrics (200k output, ASIC us$1100/t , gold price $2000 [perhaps not that conservative short term] X3 multiple etc) you have to get 40c-45c just on the most pessimistic of gold operations.

With LLL holding the IPO price of 70c, you get 6c p/s of value into FFX right there (although I believe I have not diluted the register for the entitlement, but FFX likely will partake) but anyway you slice it, if you bought today and dropping the LLL holding back in to the FFX stock price, FFX is at my super conservative calculations that were essentially worst case scenario.

Speaking of the LLL price, again running a super conservative set of numbers through my model (500,000t of spodumene/year , us$2000 spod price/t , 0.694c exchange rate [perhaps not that conservative medium term but anyway] , AISC us$312 , x3 multiplier) you have to get 64c per share. Looks to me the pricing isn't outrageous without much risk for a drop everything else being equal.

Point here is todays pricing is accounting for prices and volumes that are lower than what exist today in quite near term projections by the company, the FFX side of course being more tangible atm. With even moderate performance towards these near term goals the price risk to the downside is limited while the upside is relatively easily within grasp.

I'm still looking to buy