Who’s buying and selling, page-2060

It's not just about "understanding" two different assets. It's about attracting investors that are interested in the story as a whole as well as providing clarity to the market so the a proper valuation can occur.

The difference being is complimentary nature between energy storage and EV vehicle businesses. Investors in one are highly correlated with investors in the other, meaning that their are not many individuals who wouldn't be interested in EV's while still being interested in battery storage. The same cannot be said for FFX. Gold and the EV revolution are completely non-complimentary and at present, the company is only attracting those investors with an appetite for both. Those that aren't interested in gold exposure will seek risk elsewhere while those highly interested in the gold thematic won't be interested in consideration and speculation in the EV revolution and how Goulamina is going to fill a need. It's not just the commodity, it's the whole industry and thus opportunities and risks surrounding the two projects that are non-complimentary.

Additionally, gold companies are valued different and in different multiples to other commodity vehicles. If there is a lot of hype (as their is now) for lithium, there is a strong argument to be made that proportion of NPV/SOI will be greater than that of the gold project. If the assets are kept together then the valuation of the sum will be that of the multiple of the "worst" commodity at the time, thereby placing a valuation leash on the front runner.

It would be insanity to not create two separate vehicles for the market to value on their own merits. Time and time again it has been shown that the sum of parts is greater than the whole when it comes to non-complimentary assets.