A lot can happen on the upside also. TG6 has 71.108m shares on...

A lot can happen on the upside also. TG6 has 71.108m shares on issue so the $8.048m cash is 11.3c per share.
The current MC at 16c is $11.4m and so the EV's a tiny $3.3m. That sort of EV is more consistent with an explorer that is at rock chip stage.

Completing the drill out and defining a JORC will reduce the cash balance but if they do hit the exploration target estimate you have any Jaegermeister upside and a ~15-20Mt inferred JORC resource for a single digit million EV.

Clearly some investors are preferring to potentially pay a lot larger EV after more announcements derisk the project.