Far lower price to justify???
Do you mean less than the $0.165 per share cash & listed investment backing, which then assumes ZERO value for the 4.9m+ oz asset open at depth?
Crikeys Twinsen, good luck with finding such a bargain.
Looking at the 5 year weekly chart (in particular note the complete and utter capitulation of the SP & RSI, the increase in volume over the last few months, the underlying long term trendline support + current 20 day MA which is more than double the current price) plus the valuations already mentioned, IMO we are at or very close to rock bottom here.
Thus I have put my hard earned money where my mouth is & bought more at $0.19 yesterday. By my calculations this means that my in situ share of gold = less than $2 EV/resource oz and less than $10 EV/reserve oz. IMO that's a reasonable deal for a company that also has a @$220mil book value (approx. three times the current market cap of $76m).
Note: My analysis & opinion is mine only, may be incorrect and in no way am I offering advice of any kind, DYOR.
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