To put the argument to bed, on the $90m in the Baillieu report:...

To put the argument to bed, on the $90m in the Baillieu report: $30m is payable on commercial production, with further $60m from cashflow from production. $20M debt which is already pending will fund the project to production according to the disclosure.

Therefore; this $90m is NOT attributed to the Market Cap or EV currently. Fullstop. It is an agreed amount or for simplicity "earn-in" type of arrangement for Fimosa.

Things that will and can be considered to the Market cap and EV are:
1) Asset value - current projects (tenements etc..) plant and equipment. Once the ~estimated $70m of plant on site, is secured and valued, it will be an asset on the books.
2) debt - if the $20m debt is secured it can be added to the Market Cap.

To suggest that $90m value, which most is paid out of future potential profits post-production is part of today's MC, is simply incorrect, misleading and shows lack of basic valuation and metrics.

Valution 101: first grade: MC =EV + debt - cash

Hopes this cleans up this thread and allows proper valuation discussions here.