General Discussion, page-34

the report extract was posted without any poster commentary, explanation.

one would probably have to read more of the report to get the context.

i think it means J Capital calculated at that time: ffx market cap minus their morila valuation equals 1.4b.

one would have to check the date of the report and the share price at the time.

they wouldn't be so bullish if fully valued.
they wouldn't value avz at 3x Firefinch.
(it must have been a comparison of the implied valuation from market cap)
so the context is important.