Corporate debt is 1 million only Minority interest appears as long term liabilities and that affects to book value.
If you exclude this, then Price to Book Value is not below 1, it is below 0.50.
Currently, company's stakes in other miners are worth about $17.5 million.
Frazer Institute in a 2014 study ranked Yukon as the No 1 mineral potential worldwide.
So the excellent drilling results are not a surprise, especially when the most experienced and reliable firm in Yukon is envolved: Archer, Cathro & Associates. This geological consulting company has been working in and around the Yukon Territory since 1965.
SMD has so many projects and stakes in other companies right now, more than enough cash to execute and a P/BV far below 1. Diversification in these projects plus already good results justify a much higher valuation in my opinion.
The company hasn't achieved that yet, for several reasons: The exposure to media is very low, the analysts coverage is close to nothing. Still, these are reasons irrelevant to the company's fundamentals and business, so they can't hold the share price down for too long.