Ann: Ironbark Drilling Update, page-16

Consider Market Capitalisation as a better value metric than a simple share price. When I value a gold Explorer I look at the MC against the potential IGV ( In ground value) If I average up all the drill results and work out the strike zone in volume, then guesstimate tonnage giving consideration to depth I come up with an gold/Oz estimate. I then halve that number to give myself a margin of safety and the MC I'm shooting for is 5% of the IGV. Example I guesstimate 1.8 million Oz of gold
1.8M x $1800/Oz x 5% ÷ 100 = $162 million MC
1.8M x $2000/ Oz x 5% ÷100 = $180 million
1.0M x $1800/Oz x 5% ÷ 100 = $90 million
1.0M x $2000/Oz x 5% ÷ 100 = $100 million
it's not an excact process, but YOU NEED A PROCESS! I can't emphasise that enough. I also have no idea what the share price will be if we hit any of those MC numbers?
also keep in mind that once an MRE is calculated the IGV percentage will be much higher.