"I actually think that is already being priced in at anything...

"I actually think that is already being priced in at anything below around 7c.

7c might be about right if production is around 2-3 years out. That's based on the mc at 7c on expected number of shares on issue at production, the low remaining capex and the project after tax NPV."

IMO overvalued or undervalued or "priced in" isn't the right way to look at it. If 2025 production is missed, wouldn't we need another $12m to run the company? The corresponding multiple CRs would cripple the company, like how it was crippled from 9.2c to 4.9c now. Every time there is a CR, the discount has always been 25%+.

I too think 5c is overly discounted, but again that isn't relevant. What is more relevant to think about righr now is the source of funding and how dilutive (or not) it will be. If no funding secured from Angolan institutions, the company will have to beg for funding on its 2 knees again, and we will be at sub-4. Undervalued at sub-4? Yes, but very likely if funding via debt fails this time.