After doing some number crunching, I really have to conclude that the current market cap of WTG at a share price of $3.20 includes a lot of speculation.

With 115M fully diluted shares, the market cap is roughly $368M. After deducting all non-current assets (worth $37M, such as exploration assets, mine properties, equipment) and the company's cash and cash equivalents (worth $17M), we are left with some $314M.

Then we take, best case scenario, all reserves plus M&I resources and we consider all of them equal, we have: 113K oz (P&P @ Savkino) and 303K oz (M&I @ Savkino and Nasedkino), totalling 416K oz.

This means their reserves AND M&I resources are currently valued at $755/oz. This means they would have to be able to produce gold at cash costs below $700/oz at current gold prices. Knowing how remote these areas are (just North of Mongolia, infrastructure probably similar to Nunavut) and how bureaucratic mining can be in Russia, all the risk involved, either geopolitical or else, I can only conclude that there is a lot of speculation in the current share price. Sure, they have three more properties which are still in very early stages, but WTG would have to produce more than all historical production in these projects to make them at all interesting.

If anyone has anything to add or correct to the above, please let me know because at the moment, I'd value this company at half its current share price IF this were a Canadian company with Canadian projects.