The market is valuing the company based on the belief that its very unlikely Penikat will ever be drilled and even if drilled mining is another hurdle, thats why the EV is virtually zero, it was foolish for a junior explorer to place so much on a venture so difficult, i dont believe Nordic has had any effect on the share price, just the market realizing this is just too hard and too far away and in the meantime burning cash, im hopeful of another project to leave without loss.
As for being negative?, well a seller was left at 4.8, that says it all.
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