Agree with you guys - we need something to slow the unfounded and unnecessary bleed here.
Regardless of the confusion if we just look at the black and white facts from the announcement:
Based on 469 indicated (NOT including any inferred resource!) at 60c a tonne I get a project SP of:
469 * 0.6 = 281m REAL Value
With a current MC of 63.5m, less cash of approx 8k, we have an enterprise value of ONLY 55.5m now.
This implies an sp north of $2 but applying a MASSIVE 50% discount - $1.
What we are seeing here is completely unsustainable and irrational behaviour imo. The upside here has got to be very attractive or am I missing something glaringly obvious?
Agree with you guys - we need something to slow the unfounded...
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