Don't know if I get it, but I'm trying a quite simple explanation:
- market does not believe Kingston the AISC of 1220 AUD for Misima due to very low grade and high stripping ratio
- market is still pissed off because capex of Misima increased from 280 to 470 million (Canaccord more realistically estimated 445 million already back in 2020)
- market does not like Mineral Hill Aquisition much or at least not grants it any value
- ongoing and unexplained delays reflect poorly on management:
(from Canaccord report 2020)
By pure chance I agree with all of the above, yet I think Kingston should be valued about 15-20 Cents minimum because in recent weeks I stumbled over several explorers with market caps around 40 million and all of them have even crappier stuff at earlier stages compared to Kingston.
I really like Kingston management, but only because I bought in at 9 cents, otherwise I would be pissed too.
