I came across this company by a tip from a friend. He personally reckons there's a high chance the company will be taken over by a foreign investor. I didn't believe him at first but after looking into myself I'm starting to think it's plausible.
The current market cap at $22m is undoubtedly undervalued. However, the main issue is it hamstrings the Company by not being able to raise anywhere near enough capital to fund the project/mine. We know now that they are back in China, after being there prior to the PFS, to look at off-take/JV/financing partners. But the point my friend made is, if there is a Chinese entity that is interested, why would they look at JV or financing arrangement, when they could instead just buy out the company as it's currently so cheap compared to the future project value/NPV??
Obviously extremely speculative, but I agreed with him enough that the current risk/reward is too appealing so bought in myself.
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