RE:MOZ Maybe Overvalued Given Its M&IOne thing really sticks out in your assumed values for ounces in the ground - P&P are worth over 5 times what M&I are worth.
A positive feasibility study converts M&I into P&P. So we should expect (if these assumptions are right) that the value of MOZ will go up by a factor of 5 when that stage is reached. Of course, not every deposit gets a positive feasibility - that's the risk. Most of us here are pretty confident thst this will be a mine some day. And the closer we get to that the less risk there is, and the more of that premium gets baked into the price.
Another way to look at it is how many ounces of P&P would it take to justify the current price? 172 million shares x $1.64 per share / $160 per ounce = 1.76 million ounces. So it's overvalued at the current price if they can't feasibly mine at least 1.76 million ounces of the 5 million ounces they've found.