Look at the incentives for starters: MD = 11c by end of the year latest cap raise = 4c option within 2 years
Personally i still think 100M cap or 7.6c (inc. latest options) on current in-ground assets is fair, but clearly "the market" thinks that's frivolous.
Getting healthily above 4c so that people exercise their options will raise another $3.5M, so an obvious management target. However, will add many more shares to wash through at that level.
A 4-5c range, presuming all those raise options are exercised, would be around 52 to 65M cap.
Getting to Robert's incentive of 11c would imply a cap of 143M, somewhat ambitious from here. But if they enter arrangements to sell Opuwo in Q3, JV Sagay, and complete PFS on MCB and earn some permits, all within 2022, perhaps not out of the question. Would require a complete 180 in sentiment.
CLA Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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