Market craziness; example du jour

Let's choose Inca Pacific (IPR.v) to highlight this time. Let's not worry about the Magistral project, or its potential asset value, or that according to solid documentation (namely a 43-101 compliant final bankable feasibility study) the project is viable with copper at $1.50/lb (something that has been backed up by independent due diligence, too). Let's not even remind ourselves that thanks to Moly credits Magistral will produce copper at an estimated U$0.28/lb over its mine life. None of that. Just this:

Shares out: 56.6m
Current Share Price: C$0.18
Current Market Cap: C$10.2m
Cash at Bank (in C$): C$27.6m

Yes, that reads right. IPR.v has $17m more cash in its bank accounts than the company is worth, according to the market. Well that makes sense, doesn't it? Here's a link to the company website.