Agree, mega risk here with the lack of funds and so much to do...

Agree, mega risk here with the lack of funds and so much to do ahead.
This all costs money, money ASN don't have do loans will come into place.
So you correctly stated buy blue chips as they hold less risk however, with blue chips it's all about timing as they too fall hard.

Hence why we are seeing ASN in my opinion coming back to what is fair value in the current situation it faces.

Lets be real, ASN do not have cash to go much further, hense why I feel the EV at present is extremely overpriced, so I suggest a $40m Ev is around fair giving a share price around 4 cents giving a still large MC of over $50m

all my opinion hope that helps