$21 per resource ounce? What?
Presentation says the company's resources are valued at $21 per ounce on "issued shareholder's capital". See slide 4 of June 2022 presentation. I haven't bothered to check on "issued shareholder's capital" but it sounds like book value.
The usual metric when valuing undeveloped ounces in the ground is to look at enterprise value, make an adjustment for cash if you feel generous, then divide by resource ounces. I believe Rupert has 191.3 million shares and zero or negligible debt. Cash is a very respectable ballpark $40 million but I don't adjust for it because I would expect that to be spent on further exploration, studies, and SG&A.
At $4.15 per share, Rupert has a market cap of $794 million, ignoring the 7 million stock options.
With a resource of 4 million ounces, my arithmetic tells me that's $198.5 (Cdn) per ounce in the ground.
Skeena has a similar resource of 4 million ounces, and potential for more. It has 69.8 million shares out, not counting 5 million optionable shares. At $6.80 per share, it has a market cap of $476 million or $119 (Cdn) per ounce in the ground. Rupert has a grade of 2.5 g/t or about 5/8ths of Skeena's 4 g/t.
I don't begrudge Rupert's success, but its valuation seems a little or a lot too steep.