IMHO, the market cap is less than its liquid assets due to...

IMHO, the market cap is less than its liquid assets due to liquidity + weirdness. There is SFA liquidity due to no-one selling their undervalued stock. Re weirdness:

"Additionally, Rand also has an option to acquire Ghana-domiciled Iron Resources, a subsidiary of privately-owned Resource Capital, with 600km of exploration licenses in Liberia. If exercised in full, the option could dilute Rand’s existing shareholders by 86%, in turn diluting Tribune’s interest in Rand and by dint, its ownership of Kundana. Billis is a director of Seychelles-domiciled Resource Capital, but told Fairfax that he is not a shareholder and repeatedly declined to comment. Completing the circle, Resource Capital is an equity holder of Tribune Mining, also held by Yarri Mining, which lost a lengthy court battle two years ago with uranium junior Energy & Minerals Australia over ownership of the Mulga Rock deposit. During the case, Yarri concealed its directors via the London basement office of a private firm, Anglo-Legal, although ownership was subsequently transferred to Onslow Resources, itself backed by Rand."
Unfortunately the original link source for that quote is dead, but it was: http://www.mineweb.com/archive/gold-rich-tribune-touted-as-bidder-for-barrick-oz-assets/

Is it possible that the exercise of that option over a small iron ore prospect in West Africa would result in the maximum amount of RND shares being issued to Resource Capital..?

Further info of interest:
https://thewest.com.au/business/mar...n-share-dealings-in-gold-miners-ng-b88805510z
https://www.pressreader.com/australia/the-west-australian/20170804/281994672575170

FYI, I am a shareholder and have been for about two years now, but to quote myself from 18 months ago:

I'm holding because I think the risk in the "weirdness" (as I see it) is to me balanced out by the excellent value of TBR (i.e. should be trading over $10/share IMHO).