placement & rights issue to raise $15m, page-3

Even though the DFS didn't include Hellyer mine and Que River... Bass makes it clear that they will mine the other two once Fossey goes dry.

To include Hellyer (And assume CAPEX is funded by Fossey profits) we get:

Fossey 5yr NPV @ 5% = $76M Cash Flow / 160M shares = 0.48c per share.
Fossey 5yr NPV @ 10% = $66M Cash Flow / 160M shares = 0.42c per share.

And according to recent Annual Report, this is underpinned by $40M in Net Assets... Or after dilution 25c per share.

23c seems like an excellent price... I'll definitely take my entire entitlement.