Market Cap

At around $23m the market cap doesn't appear to reflect the underlying value of the Mt York resource. Even if after extraction and processing costs if there was only $500 an oz profit there could be roughly a net value of around $800m at current gold prices. I Understand these are just loose very conservative assumptions and life of mine considerations come into play, that said, it still appears way undervalued by the market.

The last quarterly stated negotiations are ongoing with interested parties.

Perhaps the lack of development capital and current market conditions are attracting unreasonable terms that the board considers not in the best interest of shareholders?

If this were the case then the next logical step would be to engage a current independent scoping study, as they have, that may enable legitimate insight into the underling value and in turn enhance the ability of the board to extract a more reasonable deal, be it a partnership of some kind or an outright sale.

Current gold prices are supportive, the potential expansion of the resource and directors continuing to hold their shares incentivised to work towards a solution, I believe all have the potential to add considerable upside for patient shareholders who understand the time it takes to go though the necessary processes.

Assuming no value exists in their considerable unexplored tenements and recent REE discoveries, then I believe at the very least there is way more value in Mt York than which is being reflected is the current market cap. My two cents.