exactly, virtually impossible to put a NAV on a resource explorer. It takes years to get into full production - and an investor has to make a guess as to the quality of the reserves. Are they all at surface level, is it fragmented, etc. Then you need to construct the plant, then you need to estimate what hte operating costs are likely to be. And at this stage, all that I can see is that they have an exploration license, no near term production assets. And they only have R5m odd in cash. You need a hang of a lot more than that to build a production facility. Probably you will need around R5bn, so they are a heck of a long way off. No ways are you going to raise this kind of capital on the open market - you have to have an institution behind you. This is just one of the all time great speculative plays - with the smart money thinking they will get taken out by Total or someone. But that talk has been going on for ages now, with no deals to come about yet. If they had anything of substance, I promise you that a deal would have been put on the table by now. Pile of junk this, IMO