Q: your opinion on fri resources please.
thank you
thank you
5i Research Answer:
FRI is a small-cap mining company ($13M market cap). FRI claims to own one of the largest undeveloped copper deposits in the world, located in Papua New Guinea. It is still in the exploration stage, the company does not generate any revenue or income and it issues shares to fund its operations. We view FRI as a highly speculative name, with low liquidity, and negative long-term momentum. We would be cautious of this name at this time. We think there are better opportunities elsewhere in the market, such as SCCO or CS.