Not happy, your frustration is quite understandable. Just like everybody, it's driving me insane seeing the Market Cap of FNC (a mere $22.4M, and Friday Jacpot of Lotto Max is $32M and I have not checked my ticket yet) at this level given a collection of excellent holdings.

Let's look at it from another angle.

- at least, the NI-compliant technical report is out with a decent resource estimates and excellent metal contents, somewhat like La Blache, RGX leading holding, at least one that has a PEA. Even though the PEA indicated our other partner would love to have an IPO, but it was decided (and the fingers are pointing to Peter) "We will proceed with the IPO--when the markets improve". Perhaps, this is a smart move from Peter, since who would dare to come out with an IPO to be squished flat in this market condition. Let's hope that the wait is a few months when this NI-43-101 report has attracted enough attention from the majors, since they now have some compliant-thing to sink their teeth into.

- Comparison between Magpie and La Blache: I have been wondering about the valuation of Magpie for many months. First, we can say that the two deposits are of the same kind (could be loosely called TiO2 deposit, plus other stuff, noting the expensive stuff V2O5; they also have quite a bit of Fe). Second, from the grade perpective, again loosely speaking they are of the same excellent range.

One thing that sticking out is the resource estimates: Magpie appears to be a much larger deposit (B tonnes for Magpie compared to some 50M tonnes for La Blache). Please feel free to correct if my reading is way off. If this is true then Magpie resource is huge (as indicated on FNC website, this is one of the largest in the world...and the 101 report has the numbers to back it up). With a total (M+I+ Infer) of 1.1 B tonnes and the M+I is 2/3 (635M tonnes) of the total, it's my view that there would be no need to do additional drilling to upgrade the Infer to M+I category. We have enough TiO2 and V2O5 and Fe to make a mine, just leave the Infer portion for future expansion by the majors.. I think P & E Mining Consultants are overly conservative (just like kicking a dead horse?).

- Bottom line: RGX Market Cap = 70M. It would be fair to assume that Magpie valuation = apprx RGX valuation. Hence FNC valuation (based on Magpie alone) 46.7% x $70M = $32M. FNC has 9M RGX shares and a good percentage of CHM, and McFaulds, plus more. So, why FNC cap is at $22M (compared to 32+ + + +?)

Anyone wants to jump in to solve this puzzle?

goldhunter