What am I missing here?
There is selling pressure on the stock that will be irrevelant when the resource estimate is published in the next few months. Q Henning has stated that could be 1 billion tons. If you take 120 grams a ton of silver equivalent (conservative estimate) that equates to $80 a ton (28 grams in an ounce).Silver is at $22 an ounce. Lets say this estimate is widely optimistic. Take only 10% of the estimate that would be $8 billion. Divide this by 70 million shares you get $100 a share. Again say this way to optimistic take only 20% of this deposit as being economical this is worth $2 billion you still get $30 a share.
This has to be balanced by country risk, economic outlook (if we are in a recession) and ability to drill up resources.
Hope this helps