Since this is the Falcon board -- I would assume everyone would answer Falcon.
PHUN is for all intents basically a shell company in my opinion -- but it does own a 25% interest in the Falcon Beetaloo project and some minor mineral rights in Colorado. It is basically holding on with the promise of Beetaloo - and that only.
Falcon on the other hand -- has Australia - most immediate short term play -- (by this I say within one year, we may see some positive results and improvement in stock prices), South Africa -- long term play since this will take a year or two to proceed further - hopefully South Africa loses the telescope project and they will need development in Karoo, Hungary -- we don't hear about any more, and now Ethiopia??? But out of these I only see Australia adding any impact to Falcon's immediate stock value. Unless there is some major revelation we don't know about.
However, since Falcons last corporate presentation on their web site is from October 2009 -- then you can see there is a problem with corporate info being distributed to let people know what is going on. There is another one from Feb 2010, of a NAPE expo presentation but lets get real -- that is still over a year old. And yes their web site should have the most current information posted all the time.
However I look at it this way --
If you think Australia is going to come in and be profitable and we will see something in the third quarter of 2011 (last prediction) -- I think both are good plays.
(But if I look at only Australia -- then PHUN may get you more return in the short run - my opinion)
My thoughts --
Australia --
Falcon owns 73% of Falcon Australia -- you can buy at .15 to .17 now.
PHUN owns a 25% stake in Beetaloo -- you can buy at .02 to .03 now.
If you just look at Australia impacting price you do the math - 1/4 interest in Australia and 1/6 or better the price.
If someone has some other opinion let me know. I don't know if PHUN has notes due immediately -- but it seems like they are riding out till Beetaloo pans out.