News: WBE Whitebark Energy To Raise Up To $1.98 Million 1 For 2 Renounceable Rights Issue At 0.4..., page-13

Assets are good, given current market cap.
The real issue is the market doesn't see cashflows being high enough to pay for admin/wages, hence very steep dilution/bankruptcy premium is being applied.
The history of the company, with directors (past and present), putting their own interests ahead of shareholders adds significantly to this discount. The most recent example, the discrepancy between what some directors said they would subscribe to in the recent CR and what they actually purchased.
I still hold... but more because I'm a stubborn optimist than because I am convinced Messina can turn this thing around.