Ann: Lake Roe Gold Project Mineral Resource Update, page-54

G'day again HaastsEagle, excellent post. The answer is emotion/sentiment/fear.

The reality (current) is that GL1 has a market cap of $178M. If we assume Manna is only 1/2 of this then the market is currently valuing this at $89M.
We own 20% of this worth $16.45M (current).
We own 10M shares in GL1 worth $13M
The JORC target seems closer and will be worth $10M and I will leave production out of this for now.

Our stake in GL1 is currently worth $39.45M and our market cap is $83M at 25.5c.
We hold circa $10M in cash so no cap raising is on the cards at this stage.
The BRB EV is therefore $73M - 39.45M = $33.55M (LOL)

The value of each ounce in the ground is $19.73.
Sorry if this contains no emotion as I work longer term and at least attempt to remain rational. The market is subject to all sorts of emotion and manipulation by large players that understand that.
The fact that ore will be available on day one of mining thanks to the minimal 5m of cover seems irrelevant at the moment.
Having said that I am enjoying all of the comments. The market is what it is.

DYOR (seriously it's important for returns - general comment) CW