There are indeed some reasons why Mr. Market might be a bit...

There are indeed some reasons why Mr. Market might be a bit cautious on SAU:

- It is a small company. The necessary costs for the company office, BOD, ASX Listing and so on will eat up about 1-2 m per year of the company's capital. Quite a large percentage of 14 m MC.

- It currently does not have any production or immediate plans for production. Just costs but no income during at least the next few months.

- Possibly a capital rise is in the cards (for starting one or several of the projects).

That said, I agree that SAU looks undervalued, given a whole bunch of promising projects. I also like the management. However, I am not invested yet, just looking from the sideline until my boxes are ticked: Green light on a cash flow positive project and funding in place.