There are many methods. In this case let's use Enterprise value...

There are many methods. In this case let's use Enterprise value to ounces of gold or EV/Oz.

Enterprise value is usually the Market cap of the stock less cash at bank.

If you use the most recent annual report issued at the end of September and posted on the ASX notices for BDC it has the following information.

1735,252,376 shares on issue and 12.9mio for cash at bank. If you use the last share price of 6.7c by number of shares you get a market cap of $116,262,244 less the 12,900,000 cash at bank leaves you an enterprise value of $103,352,244. So, this is one part of my simple equation.

Now, BDC gold ounces. The annual report says the BDC resource per ounces is as follows.
Measured 11,000 oz
Indicated 2,050,000 oz
Inferred 1,018,000
TOTAL 3,079,000

For the calculation, measured is taken at the whole 100%, indicated is taken as 50% and inferred is taken as 25% of what its estimated at. So, the reduced or discounted totals become as follows:

Measured 11,000 oz
Indicated 1,025,000 oz
Inferred 254,500
TOTAL 1,290,500 (adjusted)

Now divide $103,352,244 by 1,290,500 oz gives you an EV to Oz of $80.09 for BDC.

Now how does this compare to Apollo under takeover bid? Is BDC currently ridiculously cheap? YES!