Traded at $0.02 today giving it a market cap of just $30m Including $9.5m cash.
They are about to reveal their PFS for the Arcadia project which apparently has more lithium (and high grade) than Galaxy which had a market cap of over $1.3b earlier this year and now around $650m. According to recent news, they should be in production relatively quickly and very close to announcing off take agreements from Chinese customers, who presumably have bought shares in the company at $0.05 in the last big capital raise.
Management are well connected in Zimbabwe and have decent gold leases and now also the exciting Good Days Lithium Project (see pics on previous post) which looks like it could also become a major winner for the company.
Can't figure why this is trading at just $0.02 but don't think it will stay there for long. Presumably the market doesn't believe the story.
What's it worth? I would like to think we will see it bounce back to the $0.05 CR price fairly quickly, particularly if the Chinese decide to top up following the pending announcement and move to production. This would see a $75m market cap including $9.5m cash holding (as at end of March 2017) which is still very cheap compared to their peers.
Much of what I have said is also wishful thinking on my part and the market may think otherwise so do your own research before risking your $$$. GLTA.
PSC Price at posting:
2.0¢ Sentiment: None Disclosure: Held
