I tend to look at base metal stocks on a very simple and crude...

I tend to look at base metal stocks on a very simple and crude valuation; Market cap versus metal value in respurce; Using the full inferred resource of 16 million tonnes at 1%, and using a A$30,000 nickel price (probably too high), I get 16% for this ratio. This compares unfavourably to a large number of stocks including TZN, HGO, DML, PDZ and OVR which are around 2% max. I recognise production is ramping up next year and this may allow a higher ratio. I would like to hear other views.