Not necessarily. 75c SP means $183M market cap. UG mining business alone is worth $312M based EV/Revenue multiple of 2.4x.
Key man risk is always there, that is why you have the board of directors. They can always manoeuvre a zero premium scrip merger with MAC or IGO or MINres.
Ann: Develop Receives A$11.55m from Directors Exercising Options, page-20
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