Noise modulation (NoiseMod) encodes information in the variance of a noise-like waveform. Its noncoherent structure enables low-complexity links, but co-channel users are challenging because interference affects the same variance statistic used for detection. We study fluid antenna multiple access (FAMA) for two-level NoiseMod with independent random bits from each interferer, producing two possible nonzero interference variances. We adopt exact finite-sample maximum-likelihood energy detection from prior NoiseMod/TNM work. We derive the exact single-port moment-generating function and moments of the random-bit aggregate interference, including heterogeneous user powers, and prove that the port minimizing conditional BEP is $\arg\max_k H_k/(σ_w^2+J_k)$, where $H_k$ is desired-link power and $J_k$ is instantaneous bit-state-aware interference variance. For independent fading ports, the common interferer-bit vector couples per-port decision metrics; conditioning on the number of high-state interferers yields an exact binomial-mixture order-statistic representation and avoids the generally invalid rule $F_{Z_{\max}}=F_Z^{N_p}$. For spatially correlated operation, an integer-$μ$ $κ$-$μ$ benchmark uses full pairwise Jakes correlation in scattered fields, with channel-averaged BEP evaluated by conditional Monte Carlo. A standard-error-aware load study shows increased admissible co-channel users as spatial degrees of freedom grow. Finally, a finite-sample variance-domain sensing diagnostic quantifies the oracle gap under frozen channels and interferer states, providing a lower-bound warning on fast-FAMA sensing difficulty rather than a deployable acquisition protocol.

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