Thanks for your comments, Waxweazle.

FNC doesn't hold 1.45M shares of CHM anymore. Close to 1M

How come? I have not seen this, maybe I've missed this.. comments welcome.

Calculating with 15% doesn't make sense because CHM chose not to earn the extra 2.5% on the properties it is currently active, that is why FNC has to contribute its proportionate interest

I don't think they chose yet, as they can only do so after 'incurring all necessary expenses to complete a positive bankable feasiblity study on the project.' I don't have any doubt that they are keen to take the 2.5% for 250k CHM shares. That's also obvious from your correct observation below (that the value would indeed be $21m). But anyway, that would also mean Fermont has reached a major milestone - the BFS.

When you estimate CHM part of Fermont at $100M (=82.5%) then FNC part is $21M (100/82.5*17.5)

Correct so 15% with $ 100m EV for CHM is approx $ 17.6m, raising the total value to $ 58.6m, or $ 0.78 per share.

Buy back NSR 0.5% is $1.5M, not 500k

Correct, I was misreading it from the implied NSR buyback in the Fraser report.

By the way we also have a 2% NSR on Argex' La Blache claims, rising to 4% after 2yrs of production, option to buyback 50% for $ 1.5m. Will be interesting if Argex can accomplish what they claim (production within a limited time frame).

Cash on hand is $6M (see presentation)

Yes I've seen, I just took all from the latest SEDAR statements. Should not have that large of an impact on the bottomline. Bottomline is first: Magpie, second: Magpie, and third: Magpie and a bit of Fermont, as you can see from the calculations.