Great analysis!
You could improve the analysis with a formula that does an adjustment for AISC.
Logically if AISC is lower then on a per ounce basis the reserves should be worth more.
For info, this will give some perspective of the wide variation in AISC.
https://www.aurumanalytics.com.au/pdf/2019_Q3_Aurum_Analytics_Quarterly_Gold_Report_Final.pdf
It’s also worth looking at unrealised potential in resource. The more M&I resources outside reserves then the greater the potential to expand production.
All time highs, page-304
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