Ann: Quarterly Activities Report-PRU.AX, page-157

the usual way to value gold stocks is ev/ebitda, ev/oz reserve, ev/oz resource (and p/e to some extent)

EV = market cap + debt - cash / earnings before interest tax depreciation and amortisation

EV tends to be used in miners because many carry debt so p/e ratios are often misleading

in a nutshell PRU is very cheap on reserve/resource and future ashflow projections but is currently not making much money because it has a high cost mine

however - in rising gold price environments it tends to be the larger ounce per annum, high cost miners that perform best

PRU is absolutely cheap. But direction of its SP is almost entirely related to USD POG because of that high cost nature of current operations and what that means for cashflow

Note: PRU is probably the most likely takeover target on the ASX imo - and that may support stock price where cashflow etc may not otherwise have one so