Let’s start with the math.

$19m market cap.

~$10m cash.

No debt.

Then the market missed a completed asset sale that added $8.6m of cash already received.

Pro-forma cash: ~$18.9m

Pro-forma EV: ~$355k

That’s not a typo.

The market is valuing the remaining land, mineral interests, royalties, and corporate shell at $0.

NAV moves into the low-$11s. Stock trades well below it.

This isn’t “future upside.”

The value is already crystallized.

The math just hasn’t been forced into the filings yet.

These are the setups that disappear once the numbers stop being optional reading

Read on