RE:Book Value ..it's simple So what happens if POG goes south of $1000 per oz??? Maybe that's why EDV SP is trading under a $1 especially when you consider how much debt they're carrying. And someone was asking why the difference in SMF's SP vs. EDV??? SMF is debt free and sitting on a lot of cash. That's a big reason why SMF gets a better valuation. If you want a real interesting investing opportunity on an advanced stage project in Mali do some due diligence on AGG. Short on cash but their Kobada property will be one of the most profitable in WA and it will only require $15MM to $20MM to put her into production (50K - 60K oz per annum) and it will be extraordinarily profitable even if gold goes down to $900 oz. GLTA