We closed today with the SP at 20.5c and a market cap ~$179m (now under $200m again, and a 3 month low). That means we are currently trading at $179m/$2140m = 8% of post tax NPV10, which is crazy given our stage of development between steps "finance" and "construction". There's a huge valuation gap now that will close at some point, as the next couple of milestone steps get ticked off.
All IMHO, DYOR
Ann: 121 Mining Investment Cape Town Presentation, page-14
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