A few comparisons
I'll probably add to this over the next few days.
As it stands today, Marathon with 4 million oz of M & I Resources and 270 million fully diluted shares carries a valuation of $472.5 million (Cdn). That's $118.12 (Cdn) per oz in the ground. If you would care to give them credit for 1/2 a million of their inferred resources of 1.1 mm oz., that's $105 per oz. The big caveat here is there's going to be some dilution, pronto.
A few days ago, I found myself doing a comparison between Skeena and Rupert, two other projects in NW BC and Finland, both with about the said 4 million oz., but both with further growth potential. My point was that Rupert appeared absurdly over-valued with a market cap of $794 mm or $198.50 per undeveloped oz. Skeena, a few years behind Marathon's permitting progress, is valued at $476 mm or $119 per oz. Be aware that SKE is pretty high-grade for an open pit, about 4 g/t.
I will add to this comparison in near future, as gardening activity allows. Meanwhile, please feel free to contribute your own comps.