Yes it is tightly held, the problem is the lack of buying...

Yes it is tightly held, the problem is the lack of buying demand. The market seems to be valuing EGA like it is a CMM needing to raise $150 million just to mine. Sure we only have a 400k oz MRE (this will be going up with the southern drilling), but we don't have a massive dilution before production like CMM do.

The interesting question is why the market is missing the EGA story. Sure it is not the best promoted goldie out there (BGL it is not), but there must be something more. The EV/oz is under A$40 which is cheap, but it is the lack of dilution required to mine that is being missed. EGA should be valued closer to a producer than an explorer, yet EGA are undervalued as just an explorer.