RE:Market Value Wouldn't a precondition of an efficient market (and resulting effective and accurate valuation) be the complete availability of relevant information?
We all know one thing - and that is that we don't know a lot. We have drill results but we aren't in the data room to see all of the other information and how it all connects together - and we don't have any idea of the flow of potential acquirers to the data room and then to the negotiating table. I believe if the market knew everything the price would be a lot higher. and I believe the only people who DO know all of that information have been prevented from buying more. It's the only way I can square the group not transacting at all in the stock for years - having a professed goal of selling and expressed confidence in their strategy and activity to date - and the continued satisfaction and optimism expressed around their exploration efforts
It's the only plausible explanation.