I wouldn't trust the resources one bit as a guide for value....

I wouldn't trust the resources one bit as a guide for value. They are spread out so thin and far across the land it is essentially a meaningless number (as with most resource numbers). If its not a reserve it should be highly scrutinised.

HRN love to make it sound like a gold province with 1m oz mined historically. But between 1988-99 one company had it averaging 70,000oz a year. Seems pretty good, not sure how much money they made but seems stable.
Then over the next 8 years it passed through 4 different companies. So 80% of historical production was mined in the first 2/3 of its productive history, with a decreasing annual output. Would need lots of convincing that there isnt trouble out there.

The scoping study results done in 2016 (and then never mentioned again) were poor

Mentions of needing more tonnes to make it viable means there should be signs of optimism if exploration looked promising but its been dismal

Panoramic have been trying to get rid of it ever since they bought it. Their first "free milling scoping study" presentation has a "Next Steps" slide saying "enhance shareholder value through 1) sale of project, or 2) hold and develop. (Note the first option to enhance shareholder value!)

Then panoramic change the name of the project and its spun out, finally snapping it off and keeping it at arms length with the plunger, im sure waiting to give it the final flush if an acceptable offer, or any offer comes along