I think it had a few things going against it since its RTO.
1. No management previously - investing in the spec space is as much about management as inground value.
2. RTO hangover - old shareholders from the RMP days clearing out
3. People like to see a story develop from the start - People like to be spoon fed in bite sized chunks. I think that's partly the reason Chalice has been so fully valued. The story has developed right in front of the markets eyes.
With a new team in place the market will wake up to the potential and value here.
History and comparisons with other WA PGM plays, page-3
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