cash balance 160% mkt cap

The end of financial year share price for Draig, is as surprising as the lack of a reasonable conclusion to the YEAR'S drilling, geo analysis, sample results from any further testing, to activities around marketing of the findings to-date!
To have cash of $3.8m at last report, market cap of some $2.3m - I'm not sure I have ever experienced this 'discrepancy' in share price!

One would assume a few factors, all of which are behind us as of Monday (new fin year).
Obvious one is that a quantity of holding had to be sold - not wished on anyone if forced to dissolve holding at this time and value.
Second is 'voting with the feet' - just moving on, not convinced that new Directors can turn the ship around?
Maybe another is disillusion with lack of results?

Still, the licenses and results todate, one would assume to equate some reasonable value, especially with Guilford paying around $50m for their licenses.
The latest presentation indicates 30 piles of drilling result assumed from one hole / location, with the first 3 in what appears to be 'cover', & the remaining having a black texture. May be obvious to be coal, just need to know which license, and where, as well as the quality, but IMO, appears reasonably certain to be of coal prospective.

The excavator in the background is obviously trenching, so much happening - the preliminary results of what's been found would be helpful!

So getting back to the cash, it doesn't appear to be flying out the door as it has been, guess the next couple of 1/4's will help define how we are managing this critical resource.

One other coal explorer adjacent to China (far west / sth west zone) I have noted CLA - with market cap approaching $30m, large share / stock demand, coal at depth - apart from initial valley exposure, and still some time from production + distance to Chinese buyer(s). How this compares to Draig's potential is up to each investor, but their market research and reports are worth the read.
Just gives me some glimmer of hope that this company has equal potential, just need results on what's been found, and possibly other geo designs based on drilling data.

Time will tell.

Cheers. :)