Ann: FY2022 Statutory Results, page-3

Or the SP goes back to 11c where GNX were sitting just before the TO offer come through.

With the current financing structure and relatively low equity base, it would take years and many rounds of dilution before GNX could reach sustainable profitability that can finance future projects and growth. Even then, I am not entirely sure if the SP would reach 30c in the next few years, so you may as well accept the TO and put your money in the bank to achieve similar returns.