Hi wasaThats one way of looking at it, but it assumes that EXM...

Hi wasa

Thats one way of looking at it, but it assumes that EXM and its 530,000 Oz JORC compliant resource is fairly valued.
At current market cap of exm you could say that they are priced at an approx in ground value of under $70 Oz this is clearly below fair value imho.
Aside from that at current sp there is no account of the ample funds in place to finance future drilling or the future prospectivity of the tenements and drilling success, which we have already had.
PODS at rising sun, NN, NNW etc
Also no accounting for highgrade copper nor the relatively advanced stage of project when compared to wgr or emr
I see 10c as a short term target, maybe x-mas. anyones guess.
One thing for sure is that Excalibur is undervalued atm

last time i did a calc like that i used $200 Oz, punch that into your calculater and see what you come up with

cheers

BoomTrader

cheers