Hematite Resource OwnersSector Comparisons (19th Nov figures...

Hematite Resource Owners

Sector Comparisons (19th Nov figures supplied by Patersons in a research paper on FMG)

Enterprise Value Per Tonne Of Hematite Resource

$1.76 SRK
$2.11 WML
$2.85 WPG
$3.71 GWR
$5.65 FMG (has since moved up in line with price move)
$5.66 RHI
$5.98 FRS
$7.70 MIS
$10.81 Average
$13.73 CXM
$26.12 MGX
$26.34 GBG
$31.09 TTY
$38.52 MMX
$47.85 AGO

Now the Enterprise Value of FDL is its market cap $155M less cash of say $5M plus any debt which is Nil I assume.

Lets assume it has 300 Million tonne of Hematite Resource.

FDL's Enterprise Value per Tonne is therefore $0.50.

This is why this story has legs, its actually supported by comparison against its peer avergage of $10.81 EV/tonne