pre open, page-9

It is but a mystery!

From my perspective, there is no attributable value in the share price for nickel...only gold.

Even still, with the combination of gold production, a fully permitted 1.2 million tonne mill and obvious prospects for substantially increased gold reserves and resources, the share price is half of what it is really worth.

If all goes well at Nepean with ongoing exploration and development and deep holes are drilled to find the known source of the nickel mineralisation....well double the share prices again. This is the sleeping golden carrot (or should we say "silver" carrot"?) as the company knows that what has been mined historically MUST have come from a deeper source....we just got to find it!

If you take note of the last announcement, comparisons are made between Nepean and several other nickel sulphide mines which have exactly the same mineralisation type and geological sequences. The mines mentioned were all recommissioned by then smaller mining companies to remove and process remnant nickel ore BUT then were able to apply modern geophysical survey techniques to find the "mother lode" underneath and deeper down.

I know they say "patience is a virtue" and this will ring true to all of us who are hanging in there but I cant see what else can be done on the share price front other than what is being done.

They are conservatively recommissioning the Nepean mine with a decline to ensure it is self funding by intercepting the new, near surface nickel lode to the South.

They are on track or even ahead of schedule with Perseverance and the head grade is better than forecast at this point.

Again, what else can FML do other than kick goals in areas they have control. The share market overall is being hit by external influences that quite frankly, defy logic.

Patience is a virtue....at this point, it has to be!