RE:Way too expensive for the riskThis message helps to illustrate the difficulties in putting values on mining shares. If a person has concerns about a mine having a limit on reserves, then one definitely should not use a multiple as a way to assess share value. It can lead to innacuracy as this post looks to question. That is why the analysts following this company are usually using a net present value calculation. It takes more work, and usually needs a spreadsheet to be made, but it's a good method. For a mine that has been in operation for one year and so has shown it is functioning in a reasonable way, then a 6% discount rate is reasonable, however, the current share price effectively discounts at a much higher rate than that as the market prices in a higher long term risk.
https://www.investopedia.com/terms/n/npv.asp
As for the gold price, it's looking very good, on daily the 50 day is above 200 day, first time in a long time, and the weekly is above the 200 week and making a bullish consolidation there, so that's good.