RE: Don't Quit Your Day Job Yet::Rainy RiverYou can't determine a share price for FMM based on other companies. There are too many variables. Here is a simplistic scenario ...
FMM wants to prove up 1M oz Au by this fall on Lucky Shot. Let's use $600US for Au (most likely going higher). Mining cost of $150US/oz. Outstanding shares = 29M.
1M oz x $600-150)= 450M
450M / 29M = $15.50/share in US dollars
There is a lot more to consider, and I haven't factored in risk or depreciation over the mine life. Also, the number of shares will probably increase, and the price of Au will probably increase. Also, Lucky Shot could find a lot more than 1 million oz of gold. Start factoring in all the other properties and what is yet to be found on them, and the share price could be much higher. Anyway, I'm not saying we will reach $15 by this fall, but the great thing about exploration/spec stocks is that you never know what will happen.