Valuing companies by gold in ground for explorers and developers is very variable.
Some factors that are important are:
inferred or M&I
grade
potential for production (size of deposit, neighbouring mines)
potential for increasing resource
I am a bit suspicious of inferred grade, so prefer M&I but initially inferred is all you get
De Grey, now a developer, is now about $150/oz (EV per resource oz) but Kalamazoo only about $10/oz.
So there's a lot of judgement required to value an exploration company by resource in the ground.
Looking at OAU we have high grade, good potential for production, maybe $100/oz for inferred resource would not be far off, but $150 plus for M&I.
Valuing companies by gold in ground for explorers and developers...
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