Recently started doing some digging into this company and bought a bunch of the shares. I see lots of interesting things but I am trying to figure out what I am missing. I'm sure there are a lot of things I have not taken into account but I see this company trading at less than a 2 million market cap with well over $500 millon in announced 43-101 compliant resouerces. It seems to have some pretty well qualifed technical people. I also see they recently approved a rollback but that does not affect the underlying value. It would seem to me that if they roll this back then there will not a lot of shares in the market to be bought so presumably it would be harder to buy afterwords.
I also see that Tallman and Mordaunt are working on other projects including Ethos Capital which I also follow and Mordaunt was also part of Pediment Gold before it sold. Messina seems to have a lot of the right pieces in place. I also see some comments about Messina being done and the existing shsreholders getting screwed. Again, am I missing something here. If the shares are rolled back it does not change the fact that there is value to the resource so I may end up with 1/10th of the shares I have today but at some point the value of the resource should translate into a better share price regardless of the number of shares I own and I have to think that at less than a 2 milion market cap I have a lot of upside here.
What am I missing?? I guess its possible that they might sell the project but I can't help thinking that a $500 million + resource has got to be worth more than $2 million.