IMO,it may be a bit optimistic to value the minerals discovered to date at current market prices for the metals and then divide shares outstanding to arrive at what the share price should now be. While such an exercise,IMO,is useful to look at as a bench mark, if we look at how gold and silver companies market caps relate to N1-43-101 reserves/resources,there is a substantial discount applied.

Most of you probably have seen the site in the link below. It gives approaches used to arrive at gold/silver companies market valuations. The valuations are at considerable discounts to the current price of gold/silver. Perhaps this type of approach has some merit in application to other metals companies. Just a thought,

http://www.goldminerpulse.com/gold-chart-ore-value.php