Hi Blair,Good oil.. Nice work..Some rough figures below.If this...

Hi Blair,

Good oil.. Nice work..

Some rough figures below.

If this were to happen now, say at 30% premium, puts us at about 7.5/7.6cps. A market cap circa $400M with our share of CRE.

This would not be desirable.

If however, FML could target a $1B market cap at time of sale, then the game changes. This type of cap is not out of the question if they actually deliver the stated oz at the stated cash cost and with gold remaining high (lots of ifs - hmmm).

So, at a sale price of $1B, we would need to trade around 14cps (770M cap) and with a 30% premium, be purchased at 18.2cps (1B cap). This seems much more palatable. But it could be better still.

If gold stays up and we keep cash costs around $1K per ounce, achieving a $1B market cap in our own right is not out of the question over the coming 12 months, buyer or not. That would be nice as it would mean that FML become well regarded and respect and then if a buyer arrived, we are starting to look at a very decent capital return - circa 24cps.

I hope we don't get an off market take over in the next 6 months as i don't think as shareholders, we will ever fully realise the value of FML. If however, we can make that move up towards $1B market cap, then some games might make for an interesting story.