When we consider the market value of FNC, we should count in $7.7M worth of marketable securities to be received from KWG/BOL.

In October 2015, KWG issued 25 million common shares from its treasury to FNC, at a deemed value of $500,000, of which $300,000 was credited as a reduction of the exploration expenditures under the agreement from $8 million down to $7.7 million.

As KWG gets only a 20% operating interest other than chromite resources and does not want to lose a 50% interest in the Koper Lake project, I don't think KWG/BOL is wililing to spend $7.7 million by Sept. 30, 2016. Instead KWG will issue another tens of million shares by then. IMO.