Mtl_gold

The 17.5% is FNC working interest on in the JV properties with CHM. So, may be in the strict sense it is not cash-equivalent. Perhaps, the 17.5% could be called "marketable holding", since FNC may elect to find a buyer (including CHM) and sell that holding for cash? Similarly, the 1.5% NSR, which have not been included in the previous post, could be "converted" to cash as well. One good example: KWG has sold its NSR for $18M not too long ago. The 1.5% NSR of which 0.5% can be bought back for $1.5M (as indicated by Cappy in one of his previous posts) may be worth quite a bit of money.

goldhunter