Ann: 1.3Moz Resource at Tesorito grows Quinchia to 2.6Moz gold, page-378

That's a fair valuation to me. The market sort of expect that TSO will be mineable, and the big boys around Ternera will scoop it up eventually (they are looking for a new mine soon). Meanwhile, LCL still can't give a definite answer whether it will be mineable or trying to avoid the answer and using 'nimble' as an excuse. Also the MRE for LCL is based on an open pit mine, which is still unrealistic for Quinchia region. Management is not trying to answer those questions, instead trying to build a hype on new regions, not surprising to see the confidence is fading. Now just hope that they can pull a rabbit out of the hat and pump the SP again.