Next Drilling Report, page-31

Speckman , I beg to differ just a little..

re POG not effecting companies like ERM.

Technically ,, some value companies like this by the gold they have discovered in the ground irrespective of whether they are mining it or not.
ie some might value gold in the ground at say US $100/oz depending on how hard it is to get out, processing etc etc..
eg from ***** website,,, (they have fair bit to do with gold)
http://www.*****.com/commentaries/2015-06-03/The-Real-Value-of-Gold-in-the-Ground.html

The other perhaps less tangible issue I see is that as price of gold goes up,, especially if it gets publicity, is that speculators start looking for gold specs to trade.. and if ERM gets any publicity ,,, well perhaps thats where these people go,, or to their private newsletters etc etc who refer to some new hopeful.

How much it effects it is up for debate, I guess,, but I don't think you can totally rule it out that easily.