I agree with your post Silver, but I think we may have to look at a couple other things that may have contributed to this current status.

This is only my opinion.

I have also seen many of these undervalued companies that remain undervalued and no offers have been made on them. This requires a lot of work sometimes to understand why these companies have such a low sp with a considerable resource. There are many reasons why their sp could be low, like cost to mine, proximty to power and water issues to name a few. But, I believe there is also another reason in many cases thats overlooked by most.

Most exploration companies when starting out, go to the financial institutions for funding through PP,s and such. Sometimes these institutions can hold extremely large amount of shares in these companies, and for one reason or another, sometimes liquidate large numbers of shares. This in turn could force other holders of the stock to liquidate as well, keeping the downward spiral going until a company looks very undervalued. It can take years sometimes for these explo companies to recover from one of these instances.

In our case, it is slightly different, and it is possible in theory that we could have been sitting at $4-5 right now, putting us in what would look like a ridiculously overvalued position considering where we are at in this stage of the game. By not allowing/needing these big funders into the stock by way of financings, has mostly eliminated the scenario mentioned above. By promo going to individual investors with longer time horizons and loyalty, you create a strong share base at levels that can be stepped up. Where there are very few shares for sale in this type of situation, a higher sp is able to be maintained. This also makes this type of situation more attractive to new investors.

This company is most likely considered very rich by its current market cap, but; if this status I mention above is maintained, by shareholders tightly holding and no need to bring in financial institutions, it will most likely continue, IMO. This "rich" valuation has been challenged by shorters numerous times and their effects are minimal because of the resiliency and strength of the shareholders. Insiders are also adding immensible strength by only selling what they have to and most likely making sure their shares they sell go into loyal hands that will not sell the stock. A little evidence of this can probably be seen when Lori did a couple gypsy swaps, there was a buyer there to take her shares so that the sp would not suffer.

In my opinion, the above may explain some of our current sp in regards to value. And, I guess you definitly can,t rule out the speculation. As for me, the speculation is always gonna play a big part, for the reason that so much high grade gold has been found dispersed over the property and the recent geophysics is corresponding with a lot of it.

This is just my opinion.