Companies are valued by expectation of future performance,...

Companies are valued by expectation of future performance, markets are forward looking.

Applying a valuation on GML based solely on their current reserves is nonsensical and isn't how markets work.

I was a holder of SPX when it got taken over by RMS for $210m, at the time they were only boasting 355k oz although at a much higher grade.

The premium was applied to cater for any potential exploration upside, the kind of exploration upside that GML is currently drowning in.

In addition the quality of the management cannot be undervalued here, PL has made some serious remarks regarding Gateway and it appears the market is finally waking up to it.

GML's existing 240k resource could be proved up easily, MC has labelled it low hanging fruit and so they have prioritized other key exploration targets for now.

5-6c will beckon if the next announcement is as solid as the last.. So that's a potential upside of 100% from current levels, with your risk from here being a potential pullback to 2.7 = 15% drop from current levels...

That's a risk:reward payoff of almost 1:7 so I can't see a situation where those metrics aren't attractive to punters. If you want to make money in this game you have to own stocks, sitting on the sidelines can prove very costly.