SF,
I think the difference is the value accorded by the market to Kanmantoo, and HGO's other non-ESG assets.
When the metals markets were strong prior to the GFC, the correlation was strong. Currently, however, the market is giving HGO a negative EV for Kanmantoo, ITT, its cash, its Indo gold prospects etc.
Conceptually, I think of HGO as two separate companies, merged into one. It is a copper/gold developer on one hand, and a geared ESG investor on another.
The ESG company would have (conceptually) tracked ESG. IT is only the copper/gold company that has diverged. (In fact, this second 'company is trading at less than zero!)
As copper and gold picks up, and/or HGO finds a partner for Kanmantoo, expect this gap to be closed.
Y
what is the hgo, page-3
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Last
6.6¢ |
Change
0.004(5.60%) |
Mkt cap ! $138.3M | |||
| Open | High | Low | Value | Volume |
| 6.4¢ | 6.8¢ | 6.4¢ | $559.0K | 8.559M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 1802268 | 6.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 6.6¢ | 453349 | 3 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| HGO (ASX) Chart |