CHN has 388 million SOI @ current SP $1 = $388 million MC. A...

CHN has 388 million SOI @ current SP $1 = $388 million MC.
A $0.50c SP = $194 million MC. CHN has current cash balance of $112 million. As a SH stated yesterday, the farmland is worth $44 million.

A $0.50c valuation would be feeding on the carcass!

They just released their corporate update explaining how they plan to conserve the cash balance and diligently move forward with the PFS.

Excerpts from the Corporate update:

In light of current weak market conditions, a further expenditure review has been completed and 2024 expenditures are expected to reduce by ~40% relative to 2023: « Material reductions in executive salaries, director fees and other corporate costs, plus a rationalisation of the Company’s management structure, has driven a ~$2.2Mp.a. decrease in corporate overheads.

Completion of Gonneville Resource drilling in the coming weeks also results in a significant decrease in future expenditure levels (c. $29M decrease on 2023) – sufficient resources are at Indicated confidence level to allow completion of feasibility studies.

Expenditure is forecast to average ~$3M per month from Q2 2024 onwards (previously ~$5M per month) and can be adapted according to market conditions and circumstances.

Chalice’s balance sheet remains very strong with ~$112M cash on hand, providing a significant runway that will allow execution of the growth strategy with maximum flexibility and capital discipline, without needing to raise capital in the foreseeable future.

The expenditure review will not affect the overall Gonneville Project development schedule or ongoing high-priority greenfield exploration activities across the West Yilgarn Province.

Budgeted 2024 activities include:
Ongoing re-modelling of the Gonneville Mineral Resource Estimate (Resource) to suit high grade, selective open pit/underground mining methods (targeting completion in March 2024).

In my view this update is very proactive and I'm willing to see what the next 6 months bring to the table.