Because that is what the market is "inferring".CTO have...

Because that is what the market is "inferring".

CTO have "inferred" that they could have up to 10moz of ore resources but maybe they would have to dig through to China to find it. The inference is a geologists crystal ball reading.

CTO have "Indicated" that they have 330,000oz of "Probable" ore reserves which has yet to be "Measured" & therefore "Proven".

So far with the company's "level of geological knowledge & confidence" they have been able to "Prove" that they can consistently extract & process approx 2,000oz of gold-dore per month. To date, they have only been able to consistently "Prove" their results after the fact, & that fact is dore-sales.

They have forecasted downwards to the market with their "revised measurements" that they are on track to achieving 50,000oz PA. The market is still "inferring" the value the company based on this "measured" revision. (0.08-0.10c PS)

If the market held enough confidence in CTO as a "promising producer" rather than an "under-achieving explorer", then no doubt it would revalue they stock back up to 0.54c PS as it once did when CTO first declared itself as a consistent producer. This is around the market cap of their current "Indicated Resources".