It's a list of gold companies and Canaccord breaks them down to the value of the company per ounces of gold they have proven. There's a bunch of them out there.

The idea is you find gold companies that are comparable to GNH and find out what they are worth per ounce. Of course, it's hard to find something comparable to GNH...but it's clear that gold jr's in Canada tend to be worth more per ounce than companies in other regions.

This is why some think GNH is a solid play. Because it's in Canada in a stable political environment with access to infrastructure, labour and equipment - it would be of a higher value than say...Canaco who may struggle with these things.

This chart helps define that value....