One way to measure/compare non-producing JPM valuation is a model I recently read about:

Market Capitalization/Total Resource Ounce

This ratio has reportedly been in the $75 per ounce range historically, but beaten down into the teens in the recent past. Perhaps it could be applied to sfmi for the "tailings" as follows (glad to have someone more knowledgeable, and with better data as to outstanding shares, rework these numbers):

200,000,000 shares outstanding at $0.16 = $32,000,000 market cap.

800,000 T at 0.75 oz/T = 600,000 oz.

Therefore $32,000,000/600,000 oz = $53.33 per oz, well below the reported historic range. Further, it would seem that at record gold prices, this ratio would move up for the entire sector.

The best part of the above simple evaluation is that it is only valuing the above-ground piles. I would sure like to see someone apply this model to the potential underground reserves that fall under sfmi control or ownership.