You could argue that the price might be higher... 2/3rds of the company market cap is in cash, they are getting a free carry on one mine exploration and owns 100% of another. Gold in AUD terms is up 9% YTD.
I wonder if management ran a proper process to sell Dargues and Henty, closed Bendigo (which they are on the path of completing) and sold all other equipment etc they would likely achieve a far higher price than 0.029c.
The problem is an incompetent management team.
UML Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held