To be fair, not all ounces are equal when it comes to the...

To be fair, not all ounces are equal when it comes to the valuation metrics the big end of town are willing to pay.
i.e. A very... incredibly rough metric, for example, to divided the market cap of a company (E/V) by the ounces p.a.. I admit, it would be an interesting exercise to plug in a lot more data, like... a yearly valued over a 1-10 year period, as some projects don't even have more than 2 years reserves.
Did I mention this is incredibly rough..... purely for discussion purposes (does not take into account growing production/declining... just FY24 production)

CMM - $17,800 per ounce (or.... roughly at a margin of $2000 AUD (roughly CMM All in cost - not AISC, just AIC), 8.9 years of production built into the MC
EMR - $18,650 per ounce, 8.5 years (margin $2000, same as CMM)
WGX - $6750 per ounce, 6.75 years (margin $1000)
RMS - $5700 per ounce, 3.2 years (margin $1800)
PNR - $5260 per ounce, 4 years (margin $1300)
SPR - $6000 per ounce, 2.7 years (margin $2200) (theoretical 200k p.a at an AIC of $1300)
OBM - 9500 per ounce, 9 years (margin $1000)

Margin is king.... simple as that. Though there are of course some outliers like OBM, which literally has 1.5 years of reserves..... but the market backs management. That being said, PNR and SPR are quite good to compare.... with a myriad of differences: proven gold belt, discovered gold belt, both have infrastructure, both have mixed histories, both are drilling huge amounts of metres, both potentially aiming to produce 200k+ p.a.

Nice to see PNR firming up after the recent sell down.