Let's for arguments sake value the mining operation and plant...

Let's for arguments sake value the mining operation and plant and equipment at zero which is what the market seem so be doing. I'll compare the small/mid cap I/O miners on cash position only.

MGX Market cap at 20.5c is $220 mill. Cash position $360 mill - debt $10 mill = $350 mill net cash.
So if you bought all of MGX at 20.5c you get their $350 cash -$220 buy price = $130 mill net cash

BCI Market cap @ 46.5c is $91 mill. Cash position is $92 mill - debt $58 mill = $34 mill net cash
If you buy all of BCI at 46.5c you get $34 mill cash - $91 mill buy price = -$57 mill (net debt)

AGO market cap at 15c is $138 mill. Cash position is $205 mill - debt $331 mill = -$126 mill (net debt)
If you buy all AGO at 15c you get -$126 mill (debt) - $138 mill buy price = -$254 mill (net debt)

GRR market cap @ 10c is $116 mill. Cash position is $140 mill - debt $489 mill = -$349 mill (net debt)
If you buy all GRR at 10c you get a whopping -$349 mill (debt) - $116 mill buy price = -$465 mill (net debt)

The market can be crazy sometimes. For MGX Friday was one of those days.