RE:InvestigationIf you look exclusively at asset values and commodity price, sure, you could expect that.
Trevali is valued where it is right now for one simple reason - the market thinks there is a non-insignificant chance that Trevali will have to declare bankruptcy. There's no other reason for the company to be valued at a significant discount to its assets.
As to *why* the market feels that way, there's a few reasons, but I'm guessing it's largely centered around exactly how much money Perkoa is going to cost the company. Trevali was already pretty deep in debt, and if they have to borrow more money to stay afloat, it could jeapordize the RP2.0 plans.
Whether the market is correct or not, is anyone's guess. If you think they are wrong in their assessment, this could represent a pretty valuable buy-in point. But, personally, I've learned to stop doubting the market.