Some months ago I had an in depth conversation with an EXM Board...

Some months ago I had an in depth conversation with an EXM Board Member. I specifically asked how the in ground value was calculated. He advised the industry standard to expect from a takeover offer was 10% of the current value of the JORC. If the proven resource was open pittable.... this figure escalated significantly.
To calculate EXM's JORC.... my figures would be as follows:

1,117,000 ounces at,say, Aust$900 per ounce... multiplied by 10%....equals... upwards of $100,000,000.
Then divide this figure by the 1,300,000,000 shares on issue.... equals... 7 cents per share.

We just need the market to recognise this.