RE:How I Sleep at NightNot to disparage your post Golden panda, but I find little utility in an analysis that assumes 100% distribution, no re-investment and no taxation.
A simpler metric is to look at market capitalisation in comparison to ounces in the ground. For example, if our market cap is $75M and we have 3M oz, then we are valuing each oz at $25.
That doesn't sound like much, and I guess it isn't, but there a ton of imponderables such as mining technique, present value, capital cost, recovery, chemistry, politics, taxation, political stability etc.
For value, best compare this number to the peer group.