RE:Very Few Gold Stocks on HKEX I think I got the name of Touruan Gold a bit FF..up but you can view its financial statement below and in particular it's net cash flows of about 134 million HKD which is about $18.5 m USD.
It therefore trades at about 15 times its 2022 net cash flows ( 2 b market cap / 134 m ).
As it happens, MJS had net cash flows of $17.8 million US in 2022....( $10.4 m + $7.4 million in Govt bonds which were purchased from cash on hand ).
So, yet another actual example that Majestics market cap at peer multiples is about $275 million US which is about $400 m in CAD..
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0418/2023041800738.pdf