Problem with this situation is that Stock was being bought and...

Problem with this situation is that Stock was being bought and sold not on valuation but on emotion of making money.

May I congratulate FAS Long Term shareholders for the Market Capitalisation touching $100M.

Lets look at reality......Once the funds come in, Construction completed, Port Access granted, FAS will make around $20/MT, I think lower but lets use that figure.

At full capacity, they will get maximum of 3M MT PA. Therefore 3m MT . $20 = $60M. That is before Wages, Consultants Fees, Marketing Fees and running the company.

I would give the company a 5x - 7x earnings multiple which equates around $300M - $420M.

There are fully dilluted 1.6B shares on issue.

So if there are no more 3B ever again you are looking at $0.175 - $0.25 per share.

That is if there are no more shares issued, However with the GM notice FAS will issue another 300M shares taking it up to 2B.

Then FAS will try and do the same at the November AGM.

I am not going to predict how many shares on issue they will have when SHIP produces its first Shipment.

Here is the reality, currently Finance has not arrived yet, Project has not been completed, Port Access has not been unconditionally granted.

Until those factors are unconditionally met, then on valuation terms this stock is trading above that.

Maybe SHIP NORTH, maybe have 100M MT, but it has not been defined.

Therefore you can not value this tenement until it has a JORC defined resource.

In comparison GWR has a deposit with 130M MT at a higher grade and currently trades with a market capitalisation of around $40M. It has 6.5x the resource of SHIP.

I am talking about valuation not emotion.

Good luck to those who made money yesterday.