I agree with riddlethisThere is no rhyme or reason as to why NAG is trading at this level.
To me it doesn't make sense either. However, investors have different motives for buying or selling and there could be as many different motives as there are investors and they may not necessarily be rational in light of the fundamental value of the stock.
I also believe that Louise Lake is going to get to the mining stage; I am convinced that there is lots of action towards this goal behind the scene that we are not yet aware of. Based on recent NRs and by recently talking with the company on several occasions, events should be starting to unfold in the very near future. Good luck to us all.