RE:My conjectureUsing back of the envelope math it seems to me that we are being valued at roughly 40% of ~$500M NPV at 8% discount as reported in latest PFS ($200M Waterberg value). 40% is a reduction from our current 58% ownership and assumes the sale of some of our interest in Waterberg to pay remaining debt and raise cash to move forward.
Generally, at the early stages of a project, the assigned only a market value is 25% of full NPV.
That said, at some time in the future as we near completion of the Waterberg mine, we should be assigned something approaching $200M (maybe $1.50 a share) but of course, this would increase as does the PD price (assuming it rises).
As we enter production 4 years from now, earnings per share should be substantial and the share price everyone has been hoping for can be realized.
As Allin2win has said, now would be a good entry point for anyone with a long term perspective. For anyone underwater, either hold you nose and average down or sell and take the writeoff. Re-enter down the road when the picture becomes more clear. Anyway, as always, this is just my view and opinion of things.