The firm released its interims to September 30, in which it confirmed it remained on track to complete the pre-feasibility study on its Sturec gold project in Slovakia during the first quarter of 2013 - a year which, it said, promised to be highly active for the firm.
"With work ongoing in Slovakia, the company recorded a loss of £0.79mln leaving £6.7mln of cash in the treasury," noted Seymour Pierce analyst Asa Bridle, who rates the shares a 'buy' targeting a price of 4 pence.
"This will allow the company to complete its assessment work at Sturec (through to completion of a Bankable Feasibility Study), carry on the evaluation of its exploration projects in eastern Slovakia and continue to assess additional properties that it could potentially add to its portfolio.
The analyst added: "The stock is trading on just US$3 per ounce gold equivalent in the ground against its peers on over US$40 per ounce. We believe this discount is far too great and represents a strong buying opportunity."
Broker Ambrian also today said the firm looked to be "significantly undervalued" by the market.
"We think that some progress or clarification on permitting could result in a significant uplift in the company’s share price," it added.
A recently completed positive scoping study examined a 2 million tonne per annum operation to produce 86,000 ounces of gold equivalent on average over an 11-year mine life.