It could be as simple as more people have figured out this is undervalued. If they are currently evaluating proposals for 100% debt financing of capex, all one needs to to do is go look at the feasibility studies to see the blue sky potential here. If ANX captures even a fraction of that value after a deal is done, it's 10 bags minimum.
Ann: Whim Creek Production Hub and Exploration Update, page-42
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