reason

It might be said that the last place to look for signs of reason is the sharemarket. that is in the short term. But long term, now that is another story.
the market setting of LGL's SP is anything but logical.
The current wisdom re LGL is that it is too ONE MINE DEPENDENT. and that mine is in PNG. And furthermore it is atop a volcano.
An outcome of this wisdom was to peer pressure LGL into broadening its geograpic risk. And it chose Ballarat. After accounting for a big dent in its bottom line, LGL is wanting out.
There were plenty of people who warned LGL not to go to Ballarat, but then there plenty who said GO.
And so to the future.
Sooner or later we are going to have the MOTHER OF ALL INFLATION SNAPS. The world is now awash in public debt. And this has to be repaid. Taxes and interest rates are going higher. The genii INFLATION will jump out of Costello's bottle.
The only store of value (semi currency) that I can see is Gold.
And LGL has stacks of it. And the cost of producing it is STABLE.
I must say I am glad I got my chance to top up LGL.
it is reasonable to take advantage of market short term irrationality.

There are so amny examples out there:

WOR

MIG

TLS


.....there are many more ...and these are not good ones