market cap

At 15.5c mc is about $232 mill fully diluted

So is that a fair mc??

$38 mill option money to come Sept
$8 mill or so from FMG
$14 mill or so in the kitty
$5 mill or so in other company shares

232 - 65 = $167 mill

$167 mill for "possible" 380mt iron

43c per t

Seems very fair to me....

Again and agree the iron target is conceptual
All things being equal we have a fair chance of finding ore....how much who knows.

If FMS can prove up say 380mt what is it worth?

More than 43c per t??...... I would have thought so.

even using $2 per t (conservative)
would put a value on it at $760 mill.

makes the current MC fair game imo.

Risk v Reward.

Then you can add a little more perhaps for their other projects/JV's/Diamonds etc etc etc.

Ok...... take out the diamonds,rocks, glass lol.

Drilling started.....time to be in not out imo.

Cheers