I have to admit that upon deeper review last week, on a 100% basis the resources are 2.8moz (the ownership structure of the different mines is all over the place). and gives a EV/Res oz of $14.95 (which is still very undervalued) and that doesn't include the copper... which would as you pointed out bring that down significantly (although not sure if its right to combine those two, rather best for industry standards to present as separate)
Average gold expo trading at $145 EV/Res oz.
XAM Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
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