IPO, page-3

I have a high level of confidence in the FAL IPO. Even more so now that gold seems to have moved into a bull phase.

I have not tracked HMG and so cannot comment on that, other than to say that the Tanami region has no bearing on FAL, and Encounter Gold is very different from Chalice.
FAL is basically the same as CHN was 3 years ago before the Julimar discovery. It primarily holds gold tenements in Victoria and some more newly acquired ones in WA. The Bendigo area is well proven as a gold province
The Victorian tenements are considered very prospective and FAL has an extensive area. There are a number of other companies exploring in the general area that have been getting results (CYL, NML) while of course KLA is continuing to expand the bonanza mine at Fosterville. Exploration to date has been methodical and targeted, with early results at a few locations that show good promise.
In other words, FAL is a gold explorer with a lot more drilling to do to prove up resources. However, following the IPO (which is underwritten) the company will be well funded to get on with exploring.

The best thing you can do is research the CHN announcements before Julimar was discovered and read up on their exploration. Now that FAL will be dedicated to these tenements with good funding, we can expect the pace to pick up.
As a Goyder company, I am happy to pick up FAL and stay with it. CHN always treated its shareholders well and returned capital it was unable to put to effective use.