Mid March 2023 a Resolve Research analyst issued a strong buy...

Mid March 2023 a Resolve Research analyst issued a strong buy and a price target of 4.6c
Since then the gold price has risen from $ US 1850 to hover around $ US 2350/oz, an increase of 27%
Additionally the resource has increased from 1.1m oz to 1.6m oz an increase of 45%
That price target looks more like 8.5c now if you simply compound the two facts above. This doesn't consider increased operational or development costs or adding any value for the recent REE discovery.
Despite all the positive developments the share price has halved from 1.8c to 0.9c over the same period.

Why?

Perhaps the board are highly skilled geologists and right into their rocks, however, either they appear to lack the desire or understanding of how important it is for this value to be recognised in a competitive sharemarket with so many companies fighting for attention. This lack of visibility in the sharemarket is likely the underlying problem behind undervaluation.
There is a notable lack of investor presentations (over the last 18 months or so) or other publicity that could provide some investor interest and so the company has turned into a bit of a ghost on the ASX.
With the apparent undervaluation comes compounding problems, being a struggle to raise capital, attract investment partners with the wheels to either pay a reasonable price (in the best interest of shareholders) or for the out right sale of the Mt York resource, or strike a deal with partner developer with deep enough pockets to develop a profitable mine without encumbering the business with unmanageable debt. (Example Calidus too much bank influence)
Here's hoping the newly appointed Robert Klug has the ability and desire to raise market awareness and extract some value for the long suffering investors and find a fair and reasonable deal for the shareholders.
I suspect the valuation is way higher than the 8.5c speculation proffered above.
Even if there is only $AU 1000/oz left over after all extraction or processing costs then there is a gross value over the life of the mine (1.6 M oz at a processing rate of 4Mt/pa looks like around 10 years) of 1.6B Ozzy.