At the current $.17 price, assuming a round # of 2 million oz of resource status, Tyhee is valued at less than $19 per oz. If the prefeas upgrades 1 million oz to reserve status, even assuming the remaining ounces are worthless, that translates to less than $38 per economically mineable oz if the stock price doesn't change. This is in Canada, not Venezuela or Ecuador, at a time when POG is $1200+ per oz.
The only explanation would be that the market thinks there is zero chance of Tyhee going to production, due to the economic climate. At least it's the only one I can think of.
