accumulator keeps buying, page-10

Big part of the proceeds is likely to be profit.
About half or thereabout?

So important question is what will happen with that profit? Were it to sit in the company coffers, company would grow richer and richer by the month and would have to be re-rated up in terms of it SP.

Just stating the obvious, you can not have a company with say 100 mill in cash trading with market valuation of 30 or 50 million. Sooner or latter some big boys with deep pockets would buy the company and reward themselves from company's cash box.

I remember Allan Bond who raided cashed up Bell Group and Bell Resources, companies that were siting ducks after the death of the main man Robert Holmes a Court.

In orderly markets (not the current situation) SP is a market valuation based on P/E's of similar companies in similar business.

If KMC was only a gold producer and nothing else, the SP should be much higher than it is now.

However, the company has other projects going as well, exploration projects that do need cash to continue.

So the SP will eventually become a sum total of the opinions of investors of the total expenses of all company projects, retained profits (if any), value of assets, as well as some blue sky value for the potential discoveries the other projects may contribute.

Having said all that, KMC at 13.5c is very,very cheap, IMO.