It is not me pricing the company for no earnings growth, it is...

It is not me pricing the company for no earnings growth, it is the market. The market has done this because your glorious AT has fooked up again by allowing the cash margin to fall.

SDV is speculation, and since the bulk of the cash will go into it, that is also speculation but you can't expect the share price to improve if the company can't even manage to increase earnings YOY. Maybe this fact is enough to lay the seeds of doubt about what they will actually accomplish if they cant even sort out a permit on their one operating asset.