22c cash backing & EPS of 3.1c for the quarter, page-7

LMR traded at 50-60% discount to cash

NXM traded at 40-50% discount to cash

I can name another 10-15 that all traded for months below cash backing. Nothing fundamentally the issue, just periods of quiet and low liquidity that saw lemmings take ridiculous prices

IMO it's more about understanding where the selling is coming from and timing the bounce