Ann: Amended Announcement Exploration Target Four Mile North East, page-84

This is the microcap end. A lot of it has to do with sentiment. It is simply not possible to answer the question you're asking. Why AGS is m/capped at 32m & TOE at multiples of that simply defies rational analysis.

AGS is not the only. Look at SYR, SIR, GRR as other examples. If sentiment is with company, the market can assign extraordinary valuations (SIR, SYR) and if it's against you, it can whack you down (AGS, GRR as examples).

Hope that helps.