Yep, valuation of this thing IS ridiculous. Little question on...

Yep, valuation of this thing IS ridiculous. Little question on that front but I guess the other side is some think it could fall over so that nasty risk deters. I can't see it failing myself - low cost producer and no debt is a big safety margin...

A low ball takeover however is a real risk in my view. I think management are walking a dangerous path being so conservative because it plays right in the hands of a predator.

The good news for minorities is:

1/ I can't see any good reason for a capital raising
2/ There is little chance of them getting to compulsory acquisition - I myself probably know 10%+ of the register that want to see a big return from this

So maybe you end up with an illiquid but cash flow generating investment in the event of a low ball offer. There are a couple examples of this that did well historically (Normandy Mt Leyshon for example).

Personally I still think at current gold prices this is worth 30c+ per share and even more at higher gold prices.

Time will tell............