Ann: PFS demonstrates technical and commercial viability of RGP, page-18

Depends what your strategy is I guess. Current MC is $17m, we have net cash of $1m ($4m cash, $3m debt), $1.5m camp fees payable and NIS shares worth right now $1.5m. Even if you ignore camp payables current EV here is $14.5m. 5% of base case NPV.

Personally I'd much prefer buying at 5% NPV because capital is tight and labour force challenges etc than buying at 50% NPV when things get derisked.

You have a reasonable amount of liquidity here in terms of actual available cash $7m including cash, NIS and camp fees.

Exploration upside
PFS only used about 60% of resource, so conversion upside.
Chance NIS hits something and moons and we end up getting the gold at near zero valuation.

At these prices feels like pretty good R/R for my style. But can always go lower.