Good call, and I believe the main reason is cash on hand..I...

Good call, and I believe the main reason is cash on hand..

I think the market is waiting for the inevitable cap raise, as we had roughly 3.5 mil in Jan, so quite a bit less than that now..

Noone is buying stock with it clearly about to be devalued with a raise, however once the raise is done or something bigger and more material come through, this should run hard

If we compare to CVV and RXM, it's clear

CVV I believe won't work as an economic mine, at least not with huge support
Sure they have 3.0 MT, but it is at a very low 0.27 % CU EQ grade, and therefore need $1.7 BILLION to get it off the ground, a ridiculous amount
So for 3000 kt copper and 900koz gold, they're worth $134 mil, or roughly $45/cueqt

RESERVES - 1420 kt at 0.24% cu = $95/cuT in reserve

RXM I believe will work, but they are now pretty highly valued
They've got a big capex bill too, at $850 Milllion, but better economics
186 Mt at 0.53 % (not too bad) for about 1 Mt copper contained in reserves, with total about 1.6 MT, and then about 1.6 Moz gold too
Putting them, for $207 mil Mcap, about $100-150/cueqt
Add on a gold resource in the US, and a reasonable proposition, especially with a much higher grade and lower capex than CVV
RESERVES - about 1200 kt cueq at 0.53% cu = $172/cuT in reserve

And finally, HAV
Lets value it just based on Kalkaroo
1.1MT Copper and 3.1 Moz gold - ignore the cobalt even
0.5% cu and then gold on top
Lets even say roughly 1.6 MT CuEq (higher with gold price)
So with HAV at a $67 Mil Mcap, we're sitting at $42/cueqt, lowest of the three, with the lowest capex and highest grade
RESERVES - 750kt cueq at 0.47% cu = $90/cuT in reserve

As you can see, whether you look at the copper equivalent we have either in resource or in reserve, we are valued significantly lower than the other two big players (RXM is the better comp), AND we have the lowest capex and the highest CuEq grades!

The gap should close, and hopefully it is us rising to mee them!

Good luck to all holders, and hopefully some good news in the sale process soon, or a quick and well valued cap raise to get it over and done with!

Any other thoughts much appreciated to try and pick apart the above!

All values are very rough and ready, and used mostly conservative gold prices for the cueqs, plus whatever RXM and CVV have on their slides!