For the most part that's true, but there are a few exceptions. krltf trades for 1/2 it's cash- phoscan -fos trades a little over cash. Vegyf trades for a little under cash. <br /> Somebody could get wealthy buying the mineral properties for nothing and running them using silver valley methods - everybody paid in shares hold the cash. With the valuations present now, even a fool like me couldn't do that badly.