The Real Value of Firefinch, page-6

great work ozblue, i havent heard of PAN so good to see another comparision from an operations/stage stand point:

I just compare FFX to TIE and the value is obvious:



Note I just assumed the same $110m profit as an easy number from just 150koz to 200koz, they have a similar profile to us.

As you can see we achieve the result sooner and have a lesser cash expenditure and over a longer duration.

The big difference being Capex, disclaimer this is just a back of the envelop calculation was just to show how much of a time advantage we have and in addition to our plant already making money shouldering a chunk of the initial expenditure.

TIE is mkt cap is $152M on the gold and $50m in cash and they are PFS stage , so $100m EV (euroz have it $300M mkt valuation target)

FFX is mkt cap is $191M on the gold + lithium + $30M cash + the plant = $160M EV.

Time factor plus discounting cashflow shows that in the short term FFX is undervalued in comparison to an early developer based in West Africa as well, and their Moz size and production targets are similar to FFX currently.

NPV is calculated based on 2020 (i.e. when FFX acquired the plant/mine), if we were to do the NPV start date in 2023, then the numbers would be similar for both resources, as mentioned this was just supposed to highlight how much difference time can play in valuation.

I to have a 40 cent to 50 cent target based on our CURRENT gold alone (and we still havent included pit 5, koting, new viper, new ntoila, new domba results) o yea dont forget the lithium