The big picture: GGD's PBV versus SIL's & SVB's Another poster mentioned Excellon and Maya, two silver producers in Mexico and Morocco whose Price-to-Book Value is above 6 times (!) although both have negative operating cash flow and positive net debt.
See also Silvercrest Metals and Silver Bull Resources, they are silver explorers, not producers, in Mexico with zero revenue. Both SIL and SVB burn cash too. But their Market cap-to-Book Value exceeds 6 times!
For reference, (debt-free & cash-rich) Gogold's Price-to-Book Value is under 0.5 times proforma the recent tremendous gain of US$54 million from the Santa Gertrudis sale.
Hats off to GGD's management because they bought Santa Gertrudis for just US$11 million, generated tremendous value and sold it for a US$54 million gain in just 3 years although gold price has remained at the same levels. GGD's management got no help from the gold price.
So GGD's Stockholder equity was US$87 million last September but jumped well above US$120 million in December thanks to this gain of US$54 million from the Santa Gertrudis sale. This week Q1 FY 2018 will be out to verify it.