drilling has started, page-47

In my opinion the current market cap of 3.4 million would be appropriate on hope for Nemex's as yet unknown (and ungranted) gold prospects in Ivory Coast alone. Plenty of tiny explorers have a similar MC based on a few nice anomalies and great expectations alone.

As far as I know, Peter Turner did his PhD on greenstone in Ivory Coast and probably has a pretty good idea of what ground would be prospective.

For an explorer with an (albeit as yet small, but with potential to grow significantly) DSO iron resource near a rail to have such a low MC seems bizarre to me. A small resource that you can bring to market is worth more than a larger one that is stranded miles from nowhere. Unless the concept study identifies some fatal flaw and shows that the project is not viable, I hope there should be a correction coming for the stock.