Hi John, I think the beauty of FNT and COY is the agreements...

Hi John, I think the beauty of FNT and COY is the agreements that they have in place with the majors. This seriously affects the EV's that you have attributed to them both. You could alternately include the $20m spending commitment of Barrick to COY's cash backing or OTML's $60m spending commitment to FNT's cash backing as that is money that is to be spent on their tenements, albeit for a reduced slice of the pie, but it is money that does not need to be raised with the resultant dilution avoided. The thing I love about PNG though is that that is where the mega-deposits live, so a reduced slice of the pie is still a very very big piece of pie.
Back to the EV's, you could say that COY has a negative EV, and FNT has an EV of ~$24m. If either of the two companies hit paydirt, I can see some serious upside from here.