Anything more 20 FDL shares for 1 FMG share is undervaluing FDL's (potential) IO resource. On IO alone, that would be around $3 per tonne - so its easy to see that 15:1 or even 10:1 is FDL true value.
Of course another way to look at this is FMG sp $60 for 1B tonnes of IO, so FDL is 350Mt/1Bt * $60 = $21 or just 3:1!
Realistically, an FMG offer of 20:1 is therefore quite reasonable? If that seems high, FDL could throw in the other tenement (220Mt) as a sweetener!
For those that think this is far fetched, FDL's 47/882 tenement is about 33% of all FMG IO resources (but only if you include FDL's resource already "sold" to FMG), so why wouldn't FMG be interested?
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