From the Bell Potter report (see MET home page for ref) the...

From the Bell Potter report (see MET home page for ref) the average EV/Res Oz is $130. The current SP is $0.47 so, from the table below, it looks like the market could be valuing MET on an expected Res of 0.5 million Oz Au - at Nabanga alone.

This is very undervalued given the other BF discoveries including the recent new gold discovery at the Natougou area of the Boungou Prospect. It also ignores the obvious highly likely increase in Nabanga Res at depth indicated by the recent deep drill results. MET's Aust assets also don't seem to come into the picture.

Expected Rez Oz, EV/Res Oz
0.35, 191
0.40, 168
0.45, 149
0.50, 134, market average
0.55, 122
0.60, 112
0.65, 103
0.70, 96
0.75, 89
0.80, 84
0.85, 79
0.90, 74
0.95, 71
1.00, 67
1.05, 64, half market ave

I expect the JORC Res will reach 1.5 million Oz Au within 12 months. At SP=$0.47 this would mean an Ev/Res Oz of $45, only 35% of the current market average. MET has enormous upside with little risk IMO.

I guess this a sign of the times, many other gold stocks are trading well below their apparent value.