New Report - 20c target, page-40

I had a look at TGM (noticed their HotCopper advert). I don't know what to make of it. My understanding is they control 6moz. 2.75moz proposed open pit and the balance underground. Based in South Africa, 26% of ownership needs to go to locals, not sure how this works and if there is any sort of contribution to costs? Sounds like they are on the verge of receiving mining permits but only have $150k in the bank. There's about $10m worth in options coming up 31st October but the strike price is 30c and they are only trading at 26c. On face you would think they would come out with a few positive announcements to try and pump the share price to encourage exercise of options but I think it's a big ask, as we know, they will come under alot of sell pressure. The way i'm looking at it is; 74% of 2.75moz is 2moz. i'm not convinced of the feasibility of the underground mine. South Africa has talked about nationalising mines. No money in the bank. Market cap similar to Nova. When you first look at TGM market cap looks seems chea for 6moz, but after a bit of digging, it's only really 2moz with no money in the bank. IMO at the similar market cap, NVA has alot more upside and alot less risk (much more stable geopolitical region). I'm trying not to be biased, your thoughts would be appreciated.