Rago,

As indicated in some previous post, FNC was my pick for some off-shore deep pickets when it Mkt Cap was about $12M. But they were only interested in something around $100M. $12M (now about $14 M) is just too small for them.

FNC has the following holdings

- Cash: a few $M

- 9M shares of RGX: approx $9 M

- 17.5% CHM: $13.5 M

- CHM Royalty: $M?

- McFauld's holdings (JV with BOL_ : $M?

- Magpie (much larger than RGX resources): $M?

- Lamelee: $M?

- Desolation: $M?

- other small gras-root bits and pieces: could be ignored

So, with a Mkt Cap of $14M FNC is way way undervalued.

Given that picture above, who would you assign the blame for this undervaluation... over many many years?

Dr. Smith is a brilliant geo, but he seems to chase too many grass-root explorations (his own sandbox?). Fine, it may be his hobby, but when you are a CEO of the company, a large part of yout time should be devoted to the steering of the ship to unlock the value of the company for the shareholders. Dr. Smith would certainly be a qualified candidate for the VP-Exploration (or even President of the company?), but the CEO post, the one that steers the ship, should belong to someone else. Perhaps we should consider RGX CEO for this job since he seems to steer his RGX ship quite well.

As Mr. Granger has indicated, there is no need to spend anymore effort on more grass-root exploration. We have enough excellent holdings that have a combined worth of a lot more than $14M. Just the CHM holding, 9M RGX shares, and the cash, would be twice the current Mkt Cap, the rest can be had for free! Too tempting a TO target for RGX?

goldhunter