The 2020 reserve reports for each of these Cardium producers use similar price decks and therefore are a good point of comparison. I am taking the NPV numbers discounted at 10% which already include reclamation costs, then deducting the net debt and dividing the balance by the shares outstanding. I believe this is the best indication of relative value. I have compared these numbers with the current share price to establish relative undervaluation. The results are as follows:
                      PDP.        TP.          TPP
IPO.              $1.02.      $1.94.     $3.50
$.53.               52%.         27%.      15%

OBE.            $3.70.       $6.28.      $9.78
$1.50.             40%.        24%.        15%

YGR.            $1.36.       $10.58.    $15.29
$1.10.              81%.        10%.        7%

BNE.            $2.64.         $9.91.      $16.55
$3.52.            133%.         36%.          21%

All of these stocks are using conservative price decks that are consistent across companies and are about 30% below current prices for 2021. They are all undervalued but I wanted to highlight that some are much worse than others. If you did the same analysis for the senior producers, not one would have a stock price below their PDP book value.