hard to phathom

Doing some market cap comparisons today

Axm 68 mill struggling to cover costs and stay alive very little cash in bank

CTO 102 mill producing miniscule amounts of gold, burning cash next to money in the bank but keeps dangling the 10 million oz carrot to keep them alive ( Might be 10 million oz their but spread over a big area imo )

Heg 37 mill not a lot of cash now exploring only . Small plant , not much cash , small jork still will require major spending to prove up hargraves and develop.

CRC 28 mill explorer only still to prove a substantial jork no mill and will require major funds to develop.

Abu 50 mill explorer only good ground no jork but some good drill results . in one of the most expensive areas of Aus to develop a mine.

AMX 334 mill explorer only not plant 1.2 million ounce jork lots of ground ( could be big ) but will require many millions to bring to production.

Then we have poor old CGT 35 mill market cap couple of million ounce of high grade gold, 20 mill cash , high grade mine with great drill results to prove it almost fully developed, full near new mill great potential at castlemain and Tarnagulla , full list of mining equipment, and only 160 metres of development away from the high grade areas that were always the main target at ballarat .

Which one of these represents the best value.
Bear in mind none are proven and all could fail, but given grades cash on hand and devolopement stage Cgt provides imo the best chance of coming good.
SLR did it with daisy millano in simillar grades and with only small initial reserves, and having to cart ore 40km and pay a fly in fly out workforce.
Anyway if it goes much lower it will be at cash only value.