@rogerrightthereAgree this is a (potential) sleeping giant, where the current market price is no way reflective of the asset portfolio. They are presently stuck in a fixed perception loop where the market is only seeing "big assets, but need big $ to drill them out before there is anything real".
So hence the discount, as Mr Market is expecting that before mid-year, we will have yet another huge issue of shares (massive dilution) at significant discount (sub 1 cent) to raise a relatively small amount of funds to drill a few more holes. Then rinse and repeat...
As I have mentioned before, I see that Limon itself is worth more than the current market cap, but this fixed perception is not allowing the share price to re-rate. They need a circuit breaker (eg a deal with a major on one of their assets) to allow for a re-rate. There are a couple of smart people around the board table, and I am sure that they understand this and would no doubt be actively working to get something happening outside of the current status quo - ie they would not be sitting there waiting for a random knock on their door.
At least they have some emerging assets which look like they are above average in quality and scale. That has to be attractive to some larger parties. Plus, Limon is looking like it could be a great starter asset in its own right - relatively low capex and opex, open cut, good grades, well located relative to road infrastructure and reasonable scale (with the recent trenching, I suspect there is a good chance they can get this to a circa 2moz deposit when they get into drilling.
So, all we shareholders can do is watch and wait. But if (the big IF) they do pull off a deal with a large player, there will be a very quick initial re-rate. I think Mr Market will then start consistently applying a different valuation Lense to STM's whole package of assets - in demonstrating they can do a deal, the valuation for the remaining assets looks very different.
(20min delay)