Strategic review is ongoing, messy accounting hides the actual profitability.
This is an orphaned royalty shell trading at a 50% discount to its royalty-based asset value. The minimum royalty receivables alone (a guaranteed fixed payment stream) cover almost the entire current market cap. The company generates cash, has almost no employees left, and is running a strategic review. Any outcome that unlocks the value of the royalty assets, and potentially of the listing itself, would lift the share price. The main cause of the discount appears to be moving toward resolution. A large fund controls a substantial stake and is apparently running the show here, so incentives to realize value look well aligned.
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