valuation, page-10

I hold some stock & think FWL is undervalued. However, NOSE has a point... ie. no grade & DSO. Other issues the table did not consider:

1.) How far into project... closer to production, more certainty higher EV
2.) Cost of production
3.) How many mt/yr going to produce?
4.) Feasibility study?

FWL will be using inefficient trucks (road-trains), so can only get up to 2 mt/yr. But at least we don't need using other people's railway, eg MMX's railway may take many more years to build. 1 mt/yr is a good start. $13m market cap is more for explorers with no resources no all eg CYS.