how can a company that has over $1B in reserves be trading subpenny?
It can't. Both that company and GDSM have thrown out valuation numbers on non-existant reserves, which is illegal. Another reason why they will never file a Registration Statement with the SEC.
"Reserves" is a legal term with legal requirements. In both the US and Canada, a Company may not claim reserves until a full (bankable) feasibility study by qualified independent third-parties has been completed which demonstrates both the legal and economic feasibility of the project. This study is very detailed and very expensive. Years and millions of dollars. GDSM is barely at the exploration stage (5 gallon bucket testing) and doesn't have any resources, much less any reserves.
Additionally, whenever a company places a dollar valuation on their "reserves" you know it is bogus. Even companies that have full feasibility studies and actual reserves are legally prohibited from placing a public dollar value on those reserves, as minerals have no value until extracted (and the costs to extract and process those minerals are paid).
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