I don't know how you can deduce that a stock is overvalued primarily by the fact that a 1:6 consolidation would give an sp of $0.48.
Reducing the shares on issue would alter liquidity and trading dynamics, but the all important market capitalisation would remain the same. If you consolidated even further and got an even higher sp (would that look even more overvalued to you?) the mkt. cap would still be the same and would still remain as the value test.
Let's look at the total indicated resources (greater condidence level than inferred) from the Koongie Park project (Sandiego and Onedin):
241,800t Zn, 55,800t Cu, 37,200t Pb, and 137,640 Kg Ag.
If you were to calculate the insitu value based on current spot prices you would get over A$1.5b (the Zn component using US$3,000/t, which I think both Macquarie and ABN Amro still use as their long-term Zn price in valuations, would yield nearly A$900 m).
At this level it would take roughly a 2-2.5% realisation of the in-gnd resource (using 501 m shares - I think this is what I had as the fully diluted number a while back) to justify the current sp (ignoring all other projects and gold production).
The calcs are rough, but merely indicative to the fact that it would be difficult to state that the company is currently over valued (for an early producer I would probably use a higher percentage to get a value gauge).
I can't say I like looking at the in-gnd resource for valuations as it's quick and dirty (we sometimes have no choice), but this project is in early development and we will soon know the outcome of the PFS and the metallurgical testwork that has been carried out and hence have a real idea of what cashflows we can expect.
Cheers
SBC
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