New Report by Hartleys, page-6

All the things you say are true. I think it's obvious that you don't spend the money to double output without the reserves.
I expect even management get this.

Why do you think they've stated twice recently that they can do this?

Secondly, the assays from those two holes are due back in about 1 week. If you were an analyst valuing this stock would you hold your release until this was known? Is it possible the outcome could have a material effect on your valuation? Is the valuation put out on time like sausage production or is it a useful tool for investors? Would any investor wait for the assays?

IMHO all round I'm not a fan of that valuation. Obviously others are and that's fine.