Chart, page-5636

Calculated on the “Total Fully-Paid Shares on Issue” metric from the most recent Appendix 3Bs, last Fridays close of 0.455 marked the highest FLC Market Cap at weekly close since 10th November 2017 - over 16 months ago.

For those who held back then, November 2017 was not a great time. The extra SOI from the Emefcy/RWL merger in July 2017 inflated the MC above $312m only temporarily, but then it began a terrible decline. The additional dilutive effect of the Capital Group raise the next month then added further pressure on the SP. This activity preceded a decline in MC which lasted from 31 July 2017 ($312.4m) to 16 March 2018 ($157.8m). The latter would appear now, to have been ‘the bottom’ in MC terms.

In the 12 months since 16 March ‘18, FLC’s MC made a series of ever-decreasing highs ($220m on 29 March ’18, $211m on 17 Aug ’18, $207m on 19 Oct ’18, and post-Dec raise…$198m on 1 March ’19). However, during the same period, it also made higher lows. The $157.8m low at 16 March ‘18 was never breached, getting closest on 28th December ’18 in the wake of the 0.37 raise ($160.9m).Last week, however, in short….the MC broke out. We went from a MC of $195m (15 March), to $244m (22 March). Over 25% in 7 days.

Despite the depressed SP, those with a multi-year or even longer-term outlook, who are concerned with the actual overall growth of the company at this integral stage of its existence; will agree this ‘re-rate’ is fantastic to see. With dilution, MC doesn’t necessarily put more money in your pocket immediately – but I think we can all agree it’s a great sign that things are on the genuine improve.

Good luck all.