ZNC market cap <$15m....what am I missing here? Firstly this...

ZNC market cap <$15m....what am I missing here? Firstly this company is run by genuine first class explorers and developers with long history (>150yrs industry experience amongst directors & management) of delivering value to shareholders (see Giralia Resources and PacMag Metals). The tight nature of the register speaks volumes to this and the slightest hint of good news or exploration success should very quickly translate into a much higher share price.Looking through the latest company presentation the next couple of months looks to be the most exciting in the company's history. The recent interview with Mick Clifford (https://www.boardroom.media/broadcast?eid=5d96857d4e31604313d55619&p=cf7e4239f26b9cc3879dad9fd9c29c2b) mentioned in the next couple of months Zenith will have "lots of news flow, results from Split Rocks, results form Red Mountain, potentially a new rare earths project in the US and lots of activity from our partners on our projects"

GOLD
Split Rocks - Drill results October 2019 - Split Rocks high grade gold targets drilling results likely this week / next. Probability of success likely helped by fact Split Rocks is surrounded by major gold deposits and a gold heap leach operation already operates above the subsurface tenements owned by Zenith.
Red Mountain - testing results October 2019 - Red Mountain high grade gold targets infill soil sampling and IP geophysical surveying completed in October to confirm high grade gold targets before end of year to be drilled
Kavaklitepe Gold - Spectacular near surface high grade drill results. MD interview commented "seems to be some interest from Turkish national companies to take our share off our hands"

LITHIUM
American Lithium JV. Bradda Head only have 16 months left to spend US$5m (A$7.7m) on ZNC US projects. Working backwards drilling needs to start progressing before the end of the year....any later and would likely be difficult to meet their US$5m spending requirements
Split Rocks - the size and prospectivity of ZNC tenements looks very interesting. ZNC has now over 650km2 (see today’s announcement) of tenements bordering the now Wesfarmers Mt Holland project (previous Kidman Resources) which was recently acquired for A$1.55bn project value...great chart on p7 of presentation https://www.zenithminerals.com.au/wp-content/uploads/2019/10/Investor-Update.pdf

RARE EARTHS
Latest ZNC presentation mentions next opportunity is Rare Earths project in USA. MD interview also notes ZNC is "hoping that by the end of the year we will have secured a new opportunity in rare earths thane we think that will have some significant impact in the market place".

JV projects
Lots of optionality in the JV portfolio as well with partners drilling ZNC projects in 2H 2019:
Vivash Iron - Rio Tinto exploration Pty Ltd - drilling late 2019
Earaheedy Zinc (identified new Zn mineralisation). JV partner RTR drilling 2H 2019
Kavaklitepe Gold - High grade gold near surface i.e. 20m @ 15.6g/t Au. JV partner Teck Resources drilling 2H 2019

DYOR but just feels like you aren't paying much for the long list of upcoming activity and the free optionality in the JV portfolio?