The current sp  valuation is based upon asset value. It does not take into account Tolfardia or other assets ie Guaranta. We do not know what the gold price asumption is yet. And which other producers are you comparing it to?  We dont know what the capex and opex are, we dont know what the revised cut/off's are, we dont know what the gold price assumptions are. All we know is that they have increased ounces at Almas. The current sp  .20 (which analysts Canacord and Desjardins have revised price target) reflects assests and the ball mill value 3.9 million. This sp assumes Almas does not go into production and they liquidate assets. I dont think sp can be smashed too further low.  It is at rock bottom.  DFS will answer these questions within the next two weeks. I do agree with you, company has failed to deliver.