FDC
FORUM URANIUM CORP
stock CVE

Ah I see what you're doing, the conventional/proper way to label that would be calling it their 2P NPV10, net of FDC.
You're also making a critical valuation mistake: you are taking 2 valuation approaches - multiple based approach and DCF / NAV based approach and adding them together. These are different methods to try and get to the same answer, and are not additive. You use 1 or the other or take the average of the 2.
I'd also advise against using 2P NAVs - is there a single Canadian oil company trading anywhere near their 2P NAV? Most trade well below 1P.
So you are taking the loftiest NAV valuation which no oil company ever trades at, then incorrectly adding it to a multiples based valuation, and doing this all at $75WTI when oil is currently at $62 WTI

You’re absolutely right that FDC is future capital JOY has to spend. But I’m not valuing the FDC itself—I’m valuing the net cash flow those undeveloped reserves will generate after that capital is spent. The $3/share I’m adding is the net present value of the future production, with the FDC already deducted.

Could you tell me more about the FDC valuation at $3/share? Unsure what that is.

Ah I see what you're doing, the conventional/proper way to label that would be calling it their 2P NPV10, net of FDC.
You're also making a critical valuation mistake: you are taking 2 valuation approaches - multiple based approach and DCF / NAV based approach and adding them together. These are different methods to try and get to the same answer, and are not additive. You use 1 or the other or take the average of the 2.
I'd also advise against using 2P NAVs - is there a single Canadian oil company trading anywhere near their 2P NAV? Most trade well below 1P.
So you are taking the loftiest NAV valuation which no oil company ever trades at, then incorrectly adding it to a multiples based valuation, and doing this all at $75WTI when oil is currently at $62 WTI

You’re absolutely right that FDC is future capital JOY has to spend. But I’m not valuing the FDC itself—I’m valuing the net cash flow those undeveloped reserves will generate after that capital is spent. The $3/share I’m adding is the net present value of the future production, with the FDC already deducted.

Could you tell me more about the FDC valuation at $3/share? Unsure what that is.