CSE – the best ASX shell play -$1m EV

Note sure I have seen such an undervalued shell before with a tight register, cash and asset rich and with impending near term catalysts CSE:

Shares on issue: 120m
Market cap @ 9.2c: $11m
Cash on hand: $1m (last placement was at 9.5c with directors putting in $150k total)
CSE holding in SYR shares: $11m (9.14m held by CSE @ $1.175)
Enteprise value: Negative $1m

Catalysts:

1) SYR share price appreciation. The graphite/battery metals thematic is accelerating with the SYR share price about to break out of a 6 month consolidation pattern.
2) CSE pending acquisition. Canaccord were appointed in February to find a project. The ASX initially gave CSE a June 9 deadline to acquire a project however subsequently 2 x 1 month extensions were granted by the ASX with the new deadline being 9 August 2021. The ASX wouldn’t keep giving these short extensions unless CSE could prove to them there were live deals at play.