I can make no sense of how the market comes up with a paltry 52...

I can make no sense of how the market comes up with a paltry 52 M in market cap for DEG.
I do know share prices often become disconnected from fundamentals, but usually, there is some bigger money around to close that gap. Like bobdplaya said earlier, people can be strange. Not to mention, sentiment in gold stocks that's actually worse than the last crash from 1900.

With Novo's purchase of Egina we are seeing a new baseline being set for land deals. Novo, KL, & PAC are running out of cheap Mom & Pop operations to buyout. Will be interesting to see what happens from here on out. Normally, Novo's stock holds up quite well after a QH news release fumble. But their stock today looks very weak and shareholders may not get news now until Janunary. Novo stock could drop a long ways still with an already demoralized investor base.

Kirkland is the one, current player, out there with strong cash position and share price. My bet is the next deal includes them. Maybe Newmount could wake up - they have a big pile of cash in the bank.
Are we, or, are we not, at the bottom of the cycle. (#1 trait of sucessful aquisitions company).