jorc resource upgrade must be imminent

Just thinking based on the Jan 18 Mirren Mirren release that a JORC increase must be imminent?

The grades and intersection width look fantastic. IOH recently released a ANN where they got 26MT from 180m intersection width. Mirren Mirren alone is well over 400m intersect width, so I am hopeful of at least 50MT from Mirren Mirren (while this is a crude calc method), plus the other upgrades.

This must be one of the more undervalued IO plays around? Starting to look like a JORC approaching AGO/IOH type levels (166MT with Mirren Mirren and Others to come), without the share price premium.

Based on a conservative, IOH comparison (current JORC 328MT with more to come) and FRS Likely JORC half that (with more to come) on IOH pricing today it is worth 1.25, dilute by shares outstanding 177m compared to 120m, then fair price for fro FRS, assuming the market has got IOH right, suggests FRS should be closer to 85c this minute.

Add the $22m in the bank, and the imminent resource upgrades by likely 30% (Mirren Mirren et al), this should be closer to $1.10, and that discounts less explored tenements.

This looks and feels like younger IOH and AGO without the premium. Add an off-take agreement with their new Chinese buddies and it could be business time.

Very interesting future for FRS this year.