RE:Assessment of the value of AGG You're too light mon ami.
AGG commenced a 10,000 m drilling campaign in mid-Sept, 2020 (ie 5 months ago) of which they are 70% complete and have expended $4 - $5MM in my estimation.
One (and there are many others) of the goals of the drilling campaign, as stated in the most recent revised Corporate Presentation posted only a few weeks ago, is to convert > 250,000 oz into the measures & indicated category from the inferred category contained in the main zone.
They have finished that part of the drilling campaign, and given that the Corporate Presentation is so fresh (ie not stale dated), they must know they have met their goal, otherwise it would not have been kept in the Presentation.
So using Phil's assigned "conservative" value of $25 per M&I ounce and AGG's minimum increase of 250,000 oz in the M&I category of the main zone, we get an additional increase in value of $6.25 million over and above Phil's $30 million valuation, for a total of $36 million versus a current market cap of $19 million. We are near approaching a half price sale based even on Phil's 'conservative' and narrow (ie look at nothing else other than M&I ounces, ie for example as per JDN's query, treat unpermitted developers exactly the same as fully permitted developers ????) approach.
Now I know Phil will stubbornly say he doesn't and won't count the extra 250,000 oz until it is publicly announced, which again is rigid in the extreme to suit his valuation thesis, but AGG spent $4-5 million on something, which is 5 months (so far) of drilling and excellent reported results, and it would be tone deaf in the extreme, especially given the reported results and management's recent statements, to ignore that expidenture's impact on valuation. I humbly suggest all others do so.
Phil, I know you occupy (for what it is worth) near royal status over on the RBX board, but over here in AGGland, we did away with the monarchy years ago and all are created equal !