Wouldnt call this a distressed shell by any means...
Great land value, coupled with cash backing, it has great potential. 10cents easily on the cards should decent grades return from their diamond drilling...
To still be holding after the IPO is definitely a failure to have stop losses and poor risk management. At this 3 cent area though, I am confident a good move up is imminent. Loaded up at 3cents, now just holding and waiting...