Been away from this board for a while. But could not refrain myself from commenting onthe list of assets, started by From_Sudbury. First, I simply consolidate the list in a Table the add a few more, perhaps with some observations questions on the items that I am not certain. Here goes:

FNC Market Cap: $7.5M

Assets:

1. Gimus (GIR): 40M shares @ 0.135 = $5.8 M

2. CHM holdings: 22Ms @ 0.335 = $7.4M or 10.8M after conversion to Mamba shares

3. AGX: 6Ms = $3.9M

4. Bowmore (BOW) = ?$ (x1)

5. Magpie: -$10M as generously assigned by Luker. Let's switch the sign around to +$10M (this could be significantly higher, in view of the size of the deposit)

6. MoU with Pangang Group = ?$ (=x2). Perhaps, this should be considered with the item immediately about as one lump, since Pangang could end up with an offer for Magpie.

7.RoF holdings: chromite 20% of BH?; plus the surface right...the real estate alone is worth quite a bit, due to its strategic location. Don't be surprise if KWG or NOT (or BOL) would take a run at FNC (the whole lot, including the stuff in Quebec) since there is a deep pocket sitting in NOT corner with a 10% stake. This deep pocket would have interest in iron, and stainless steel (Ni and Cr). Value of all this: $? (=x3)

8. Cash: as of 31 Dec 2012: $1.5M which is out-of-date due to spending during the year and odd-and-end income from JVs. Anyone has a better handle on this: $? (=x4). Have not got a chance to check their latest Financial Statement.

Note: The CHM and FNC cross-ownership is quite convoluted and there are Rights of First Refusal (RoFR). Hence any take-over of FNC must be subject to this RoFR. This of course can be waved in consideration for some compensation. I believe FNC has done this for the CHM/Mamba merger. Question is CHM RoFR would be transferred to Mamba after the merger? If that is the case then Mamba would be given a chance to response (counter offer) for any overtures toward FNC by others, such as KWG, NOT, Pangang, etc...?

If we add all the numbers (in bold) together the total sum would be $30.5M + (x1 to x4).

Feel free to modify the numbers above (or fill in the blank for the xs). Even if we ignore the values of x1 to x4, FNC is worth at least $30.5M = ~4 times the Market Cap.

Say $0.20 - $0.30/s?, depending on the value of x1 to x4 for the first offer. Hope that some war (bidding) would be started.

Of course, please check my math.

goldhunter