Hey everyone, so I've been looking at RXM lately and I've gone...

Hey everyone,
so I've been looking at RXM lately and I've gone through all the announcements since they took over Hog Ranch and I am really impressed with how well the management team has progressed the project, and correct me if I'm wrong but we are due for a resource update once their latest drill results are received which I assume will be positive. However their market cap is only 50mil and 20% of that is made up of cash so would some of you long term holders be able to explain to me what I'm missing that's causing the market to value the two projects at a mere 40mil?