I think your missing the pain inflicted on shareholders over the past 10 years.
Agree with you that this is looking the goods at current market cap. Particularly, if you consider they still have near on a million ounce MRE in Leonora (which if you value at $88 per ounce as paid by GMD recently) would add another $88 million.
The PNX distraction and overdue drill results not helping the SP.
