silver 47m oz resource +1m oz pa prod , page-9

MFC are trading at 14.5c....they have 15.5c worth of BSM per share (with BSM at 43c)....they also have 7c of cash per share.
So they have "liquid" assets of 22.5c per share, and trade at 14.5c.
They also have a project or two on the go, which may bear fruit in the nearish future.
As long as they DON'T fritter away their cash....(BTW they recovered their input costs from the Rio project) they are pretty cheap for what they have.

At present the market values them at about 60% of cash-equiv, so there's a huge discount already, presumably for the reasons you raised.

The other side of the coin is....IF they have learnt from their previous effort with Rio, and they say they have, then they still have the cash from the 1st go to get it right with Barnes Hill.....should that prove to be worth something, anything, to the market....then a case could easily be made that they should be trading at at least 2x what they are now.

Remember their M/Cap is only about 10.5M and their cash equivalents alone are about 16.5.....if share of Barnes Hill project was valued at even 5M, they should trade at 30c not 14.5.....

I hope they do catch up to a fairer value soon.

Disclosure: I hols both MFC and BSM, but believe MFC to be more undervalued than BSM.