resource upgrade., page-49

Taken from the 22nd March presentation.

Short Term: Targeting 0.8Moz to 1.2Moz Au @ 3.0 to 4.0g/t
Medium Term:Targeting 1.8Moz to 2.2Moz Au @ 3.0 to 4.0g/t
Long Term:Production >150,000ozper year

Let's hope they can get near the 1mill oz so that would be half GRY recent Jorc and slightly better grade.
Mkt cap 605mill of GRY, current mkt cap of PIR 138mill, (GRY has 75mill cash).

So looking at the above calc the market seems to be valueing PIR at its current JORC, not the updated one and if we get near that 1mill oz then it will appear on a lot more brokers radar and should trade at a near 50% discount to GRY half the ozs, ie 300mill less 75mill cash so 225mill, share price around $1.2?

This is not ramping, merely pointing out the facts from the presentation and comparing to another similiar gold stock that has just come out with its jorc, have I missed something here? DYOR