ixr shares in unx, page-10

I did notice they have outcroppings of graphite, interesting to see it unfold.
But ninelives. What gets me is you take away the 5 mil from unx, the 19 mil cash and ixr basically has the same mc as rxl. Am I missing something in the puzzle why so cheap. Especially with an operating mine earning good money and the other io tenements am really looking for some negativity, some major fault. I know the market is littered with undervalued companies, but even the board here have experience in all the faucets they cover. Specialists in iron ore and nickel and there bio's are pretty good even the md is no mug and has a pretty good track record. Not often anyone asks for major faults or negativity or a stock to be picked apart but I really can't see any major downside, but would like to see if anyone had some.