Don't forget that the cash balance you are referring to was at the end of September - they will have corporate overheads, the drilling cost of the 40 holes at Wabli Creek, lab / assay costs etc that will need to be paid if they haven't already - so the cash balance reported as at the end of December will be lower than that.
I disagree that the market 'missed the results' - I think it saw them loud and clear, and the share price acted accordingly.
Don't forget that the cash balance you are referring to was at...
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