SF,I think the difference is the value accorded by the market to...

SF,

I think the difference is the value accorded by the market to Kanmantoo, and HGO's other non-ESG assets.

When the metals markets were strong prior to the GFC, the correlation was strong. Currently, however, the market is giving HGO a negative EV for Kanmantoo, ITT, its cash, its Indo gold prospects etc.

Conceptually, I think of HGO as two separate companies, merged into one. It is a copper/gold developer on one hand, and a geared ESG investor on another.

The ESG company would have (conceptually) tracked ESG. IT is only the copper/gold company that has diverged. (In fact, this second 'company is trading at less than zero!)

As copper and gold picks up, and/or HGO finds a partner for Kanmantoo, expect this gap to be closed.

Y