Virgil,The approach of "reserves * profits = cap" is pretty raw...

Virgil,
The approach of "reserves * profits = cap" is pretty raw and a little ugly.
Mkt cap for starters is good when we are super lazy.
EV when we are less lazy. At least start there.
Cash and debt can't be ignored.
If you filtered miners using a cursory approach like this you would miss out on some good companies.

FML reserves are low no doubt about it.
The story plays like this.
They can only pour x amount.
(In fact the mill may be a bottleneck in the future)
They generate cash.
The cash flows into dev and exp and reserves are increased.
As long as the company generates cash and keeps ahead of the reserve wave then everyone is happy.
Mav