I have played those number games in the past as well and the...

I have played those number games in the past as well and the bottom line was my main motivation to buy a huge chunk of EXM.
IMHO the chances for an upswing from the current SP level massively outweighs the possibility of going down any further - in the end there is not much room left to zero.
Sound finances, confirmed high grade gold close to the surface and most importantly investors visiting the site paint a very attractive picture. Those guys don't go on trips like this because they don't have anything else to do with their time.
I believe that if EXM gets financial support to dig the stuff out of the ground the SP will take off even in the very near future - and times have never been better to attract investors into gold production.
A further bonus is the possibility of a huge upgrade in the coming weeks adding to my sound sleep over my holdings in EXM. Many punters out there will kick themselves for not buying at these irrationally low prices. Time will tell and good luck to all holders.