One way to get a rough estimation of the likely value of a small gold stock is to look at the Enterprise value per resource ounce. Traditionally the average Enterprise value/resource ounce was around $50/resource oz however when the AUD gold price rose strongly a few years ago this increased so that most juniors were trading around an average of $100/resource oz.Note that this is the average and some co's trade above this benchmark due to the quality of their resource (high grade, close to processing infrastructure, shallow resource with a low strip ratio, easy metallurgy etc). In the same way, some trade below the benchmark because their resource is judged below par by the market - for example the resource may be low grade, deep, very isolated with limited infrastructure, in politically unstable jurisdiction etc.
MGV trades at a premium (>$200 per resource ounce) since their resource is considered very, very attractive. On the other hand, companies like HRN and RXL are trading at a below average Enterprise value/resource oz since their resources are not considered as attractive - both co's resources include refractory gold (which is difficult and expensive to process) etc.
