Gold resource valuation

I think it is a good idea to start a thread on how to value gold resources in the ground: inferred, Indicated and measured. There is some interesting research around that has looked at 90 Junior miners and how their resources were valued

https://munknee.com/how-to-value-a-junior-miners-gold-in-the-ground/

The results:

inferred 20 usd/oz
indicated 30 usd/oz
production 160 usd/oz

mind you: these valuation numbers are over a decade or so and the average gold price was around 1100 usd I think. Current valuations would be multiples of these numbers as the gold price went up a lot. During the last peak in POG inferred resource scooped up 100$ per Oz inferred.

But even if you would stick to an unreasonable low usd POG you would value Estelle at:

6.6Moz * 20 USD = 132 M
3 Moz * 30 USD = 90 M

total 192M USD or 258 M AUD

Even under these overly conservative POG numbers, NVA should be worth 258 + 100 (SLR) = 358 M. Or around $2.1 per share.

With todays gold prices you would probably see indeed and indicated at the previous highs of 100 USD/oz or closer to 6-8$ per share.