I think its because their project already has completed a Scoping study, PFS etc. There are companies that have their project dead in the water and currently have no project, and have a market cap greater than 10 mill, e.g. CLA. Although the 500% rise today isn't probably warranted, the market cap is probably not overvalued compared to others. What about a 800% rise lol.
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- Day Trader’s Aftermarket Lounge 20 Nov 2019
Day Trader’s Aftermarket Lounge 20 Nov 2019, page-66
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