What Ducati Said  PLUS Barrick next door project put on hold for running over budget and waiting revised studies. Plus water studies not concluded.

The saving grace is the small top project that could be economic but it is a small project and the value of the company is already high for it.

Finally, the market sentiment now favors high grade,small cap deposits, it is a sentiment thing.

The fair value should be higher given the strong cash position, but markets are not fair and are probably going to punish them even harder with tax loss season.