RE:RE:RE:Share price puzzle?I believe that the principal III shareholders are behind the share price puzzle i.e. III is very tightly held: ME owns about 50%, directors own about 5% and Fairholme owns about 12%. In addition, ME and prominent directors have been with III since 2001 and 2002. They are well past retirement age and very patient i.e. they alone will decide when and with whom to do a deal. Perhaps the Red Chris Block Cave Feasibility Study will be their trigger for action in early 2023.
I agree that my estimation of future earnings lacks precision, but the bottom line is that the two open pits are operating very well, and metal prices and the US$/CDN$ exchange rate are very favourable. My rough earnings estimate assumes that those conditions will continue. But a far more important valuation factor than the P/E ratio is the forthcoming Red Chris Feasibility Study which should be hugely more favourable than the 2021 Pre-Feasibility Study which valued III’s 30% interest at about $4.00 per share.