A tough day today. But one thing I'm yet to see any holder...

A tough day today. But one thing I'm yet to see any holder articulate is how to place a value on the PRL project as it stands today. That explains the gradual selloff occurring. It is interesting seeing people in this thread (and various others) allude to the share price being "cheap" or a "bargain" and so on - but how are they determining what is cheap or expensive, except by looking back at where the share price once was? (generally a bad strategy). The fact that it was once 20c in a very frothy market doesn't mean that 10c is suddenly cheap - that might just be the new baseline. Likewise, it's closed at 7.5c today but who's to say that's actually good value? It still represents a market cap of $87,000,000 which I think is a fair chunk of change for a project that is predominantly made up of two parts: 1) an MOU with Total Eren and 2) a large leaseholding. I think is worth remembering that prior to the MOU, PRL spent many years prior trading at 1-2c (before their rebrand of course). I would be very interested in seeing someone actually articulate why they think the company represents good value at $87M, however I suspect it's a near impossible task given the Scoping Study was full of words, not numbers.

With further hindsight, the director selling 6.6M shares at an average of 17.3c over a period in August last year when there were some fluffy announcements makes me even more cynical than I was then. If I was a betting man, I'd be leaning towards TE have cooled on the project, hence the one-line comments about the MOU being extended. They strike me as a big company with fingers in various pies, only some of which they will actually proceed with. Hopefully I've got that completely wrong!