If I'd presented anything mildly resembling a financial analysis...

If I'd presented anything mildly resembling a financial analysis I might have been offended... As it is I'm happy to be called out for idle speculation.
The share price may well be at 5.1c due to matket noise, possibly someone just needed to free up a couple of hundred thou and so here we are. And "nicole" may just be a concerned & impartial investor who felt compelled to sign up to Hot Copper to warn us of the risks of investing in XAM!

To give my justification for XAM being a buy at <5c, consider this. Zijin are the obvious suitor and they have literally just demonstrated that they are willing to pay 5.5c (and are not alone). Even a 'scientific' valuation of XAM is going to be ruled by a large number of assumptions not least how much risk discount you apply (i.e it's a guess, and anyone who claims otherwise is lying to themselves). But by my assessment, Zijin think Karmagtai is viable, I know they will pay 5.5c and I'm convinced they would pay a lot more, providing our board can extract it.

I you don't think XAM is a buy ay <5c, please share your rationale. Any sensible investor should seek out dissenting opinions, so I'd genuinely like to hear yours.