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Adyton IPOd in the middle of an intermediate-term bear cycle in gold mining stocks. That was largely the reason, I believe, for its sinking to 4 cents. The confounding factor is the need to raise money evntually, which becomes increasingly shareholder destructive as the price drops. Alkthough the company isn't short on cash yet, management tried a raise in December down at these levels and was promptly removed by the largest shareholder. The board resigned too. That shareholder (Mayur Resources) has 43 percent of the shares.

The most recent news is the 2-year extension of their exploration license in Papua New Guinea. The have 2 million oz already, plus copper. Market cap down here is CAD$7.5 million. ADYRF is the OTCBB symbol, seems to have some decent liquidity on the bid/ask today, but that is relative to many stocks that often have zero liquidity. Stocks like this require limit orders.

This is high risk/high reward stock, dependent on higher gold prices. My bull thesis: new management waits for raising capital as long as possible, and that the gold prices solves the problem of dilution by lifting the stock. Mayur has shown itself to be properly self-interested and while we can't trust that they will act in all shareholders' best interest, their move in December was very encouraging. If I'm right about capital flowing into gold/miners and the new management is patient, then this looks like a great speculation.