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?
Can someone help me to understand if I am missing something.We...
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