RR,Firstly, get your facts right. $20m in cash is 7c/share, not...

RR,

Firstly, get your facts right. $20m in cash is 7c/share, not 4c. There are 266m shares on issue.

Secondly, there are hundreds of companies whose market cap doesn't always exactly equate to the value of any underlying asset. This especially applies to spec stocks. I could name half a dozen stocks whose market cap far exceeds any underlying assets ex cash, and another dozen stocks whose market cap is well below their underlying asset ex cash. That's the nature of these kinds of stocks. In the case of RMP, the market is obviously still applying some kind of value to the potential of the remaining drill program ie the 400m on Shabeel Nth and the subsequent testing of Shabeel-1. It's not known for certain if these will be completely uncommercial, so that's why there's some "enterprise value" in the current share price.