I disagree. This is the cheap call option in the history of mining. Unlike other junior miners, Anglo is funding the first $1.4 billion. No existing equity holders will not get diluted. The resources in the ground make this a $50 stock. I am arguing that a farsighted Chinese company will recognize this and the disconnect between intrinsic value if this were permitted and today's price of $2.45 will close. This is a "rare" deposit given the sheer size, byproduct credits, and potential length of operational life.
No question about it ... very underpriced at these levels considering Pebble's intrinsic value. Just don't think we'll see much price movement until Pebble goes to permit, and we get past the election.