The market often becomes inefficient in these small stocks and...

The market often becomes inefficient in these small stocks and they drift away from their valuation for a number of reasons. Often simply market sentiment drives them above or below by a considerable percentage. There are countless examples...

What I believe has driven the share price to this point was a loss of confidence after all the 'on budget, on time' announcements that turned into Kanmantoo looking like almost being uneconomical and nonviable to keep running.

Then a capital raising and the share price has sat around that level. Over the last year and a quarter the shares on issue have almost doubled too.

As cdchi1 stated, do that extra bit of research and find a stock trading well off the mark and all you need is a little patience.

The next catalyst? I dont think investors will be enticed by Kanmantoo now. Old story, broken hearts, etc - might be a few cents in it.

The company needs to find that porphyry and keep hit strong grades across there Indon leases. Kanmantoo simply needs to fund this exploration, pay off debt and have some money in the bank to make a decision on development around 2016. That would be enough for current investors to limit selling and therefore limit a price decline from this point.

Unfortunately I think this one has become a long term game but the risk is to the upside from here.