Thought I would go through my calculator and figure out what FFX...

Thought I would go through my calculator and figure out what FFX at 35c prices in.

We have to make some assumptions, so here's what I put in:

Gold @ US$1866/oz (today's price)
AISC: US$1100 (company figure with lower production rate)
FX: $0.73 (today's rate)
Cash on hand: ~US$98M
LLL holding: 8% @ 61c (by my calcs gives LLL MC of ~730M)
Multiple = 2x

With these up top date or conservative figures (that multiple and ASIC)

The 35c price for FFX gives expected yearly gold production of only 90,000 ounces

With LLL at 61c, the FFX holding is worth 5c a share

So even backing that out, just deleting the LLL holding and keeping the gold business only on the same 2x multiple

The 35c price for FFX for the gold company alone sans LLL holding gives expected yearly gold production of only 140,000 ounces

My figures of course could be wrong, but needless to say this price is too low.