The cash balance alone is worth 5c per share, so the market is...

The cash balance alone is worth 5c per share, so the market is currently only valuing everything else at @2c...so yes obviously undervalued. Problem is there is nothing certain in the near future that would cause investors to jump in right now (apart from the undervaluation situation). We are now back to the exploration/development stage, so market valuation is based purely on potential. The good point is that we are a cashed up which takes away any negativity over cap raisings going forward.

Crazy thing is, if the company wrapped up, sold off its assets and distributed all the funds the SP would be work double what it is today.

So I guess you could argue this is good buying at todays prices.