Can someone help me to understand if I am missing something.
We have $18M cash in bank, less $10M debt, ~i.e. $8M net cash position.
Market cap circa $43M, therefore $35M EV.
This includes: - 100% ownership of fully permitted mine and existing plant, very limited Capex to restart - Current operating margin of $1-1.5M of tailings alone, at least until June next year. - Exploration programme which will likely add significant resources/reserves -100% ownership of Misima.
What is the market pricing in for our EV to be so low? Environmental liabilities, holding costs, negative cashflow on primary ore?
