At current market cap, KGLs biggest asset is cash, followed by...

At current market cap, KGLs biggest asset is cash, followed by Andash and then Jinka assets.

So whilst eveything you say is true about the risk, and implications should Andash fail KGL will have ample cash reserves to rebuild.

As a contingency they have already started by acquiring Jinka. Companies rarely fall substantially below cash and its only ever temporary.

Companies can fall below book values, like BBI did, but thats because markets dont believe the book values or for companies drowning in debt each month they actually make a backward step.

KGL has cash and no debt(until we draw down).

Some companies trade at a premium to to NPV, but most trade at a discount. With the volatility of Kryg I would imagine a reasonable discount would exist even post production. Because as Kiril has pointed out, the game can be changed anytime.

Reaching production stage is the first hurdle and its major, but their will be hurdles forever. Lost days due to protest, violence, change of government, change of policies, taxes, etc.

Cash is king, cash is insurance against failure in this instance.