It's simply Negative Enterprise Value. The market doesn't trust...

It's simply Negative Enterprise Value. The market doesn't trust CFE to produce value in the future hence the discount to sum of its assets. It predicts cash burn through operations such as salaries, exploration and development more so than it will give a positive amount from them (which due to the nature of the company, can only happen from a sale of assets such as Marampa).

Loans can be defaulted on and receivables such as that owed from Timis Mining may never be received. For example that $80M MCC receivable wasn't even listed as a receivable on their annual report at one point due to the very high chance it wasn't getting paid.

CFE and its related entities have a tendency to take up the shares from convertible notes rather than the cash which doesn't help a low cash situation. Sometimes they claim a paper gain as the value of the shares is greater than the cash but really that still doesn't help a low cash situation since they don't tend to sell it to realise that gain. Their securities are more speculative stocks which are more or less worthless unless they make a major find or get bought out for a tidy profit. CFE will not really gain from them unless either of those things happens.

You have to ask yourself what exactly does CFE have going for it in 1month, 6months, 1yr? In my opinion... less cash. All their eggs in the Marampa African play basket cracked.