Hey Djordie,

IMO, there are a couple things that could contribute to that.

1) low grades

2) recovery rate of the minerals

3) may need an enormous amount of cash to move forward with this project. This is probably whats holding back the sp the most. The sp could purposely be held down by other influences until it is known who and how much will be needed.

4) economics of the metal separation process

This would first appear extremely undervalued at this sp (which I think it is), but if they plan to take this to production, these type of stocks will usually act like this. If they received an offer, IMO, this sp would go multiples from here. But, I suspect that there is a silent backer preventing an offer on them.

IMO, if we have 1 g/t, there are many things to take into consideration, as some I have mentioned above, upon putting a value on a resource. I wrote some posts a long while back explaining separation processes and how they may apply to us. I beleive our mineral compositions will allow us to very much more mine our resource economically than Exeter, if it came down to that. But, a buyer does take this into consideration when submitting an offer.