Hi IW,
I definitely missed CR and MC aspects of considering a company's performance. After a bit of thought I have factored in the MC.
Here is a chart for the last 3 years with some vague estimates of MC from your figures and a mental calculation of SP and increase in number of shares at each cash raising. Not necessarily complete or particularly accurate.
[To create a more accurate MC graph would be relatively simple for someone with the daily SP data. The % change in shares at the effective date of availability to trade would create a stepped graph that exactly mirrors SP. This cartoon may be how it would work. DYOR
By these eyeball estimates the MC probably stayed fairly stable from 2013 to the discovery of MDP. Basically the increasing number of shares from 4 cash raisings would come close to be ing balanced out by the decline in SP 4c to 1c.
If I implied Alacran doesn't have value it was unintentional and apologies. It is blatantly obvious MDP etc does have value on both the SP and "MC" 'graphs'.
That Promontorio has contributed any value since Rio/Kennecott became involved is not IMO well shown by either MC or SP. There is some but IMO currently masked by Alacran and macro issues. Lets hope that changes significantly in an upward SP/MC direction when the drilling results are finally announced.
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