Bellevue Gold is listed on the ASX with a market cap of $2,4 billion...see link below
It is in the early stages of ramping up production of its Bellevue project towards 170,000 ounces per year.
It's market cap has exploded since.
Bellevue is an excellent example among many others of just how much production boosts the market cap and valuation multiple, relative to an exploration play lacking a MRE and unstated production timeline.
Reserves are 1.34 m tons and Resources including Inferred of 3.1 m tons at an average grade of 9.9 grams per ton.
It is highly rated by analysts because of its ability to move quickly and efficiently from discovery to production ( 4 years )
It is also the parent company of Firefly which now owns the Ming copper mine on the Baie Verte Peninsula..
Note though how early production has boosted its 3,1 m ounce resources to $800 market cap per ounce and its 1.34 m ounce reserves to nearly $1700 market cap per ounce .
We have over 500,000 ounces in MRE gold rrsources which @$800 per ounce would value us at $400 million once production begins .
We have 272,000 ounces of gold reserves which @$1700 per ounce would value us at over $400 million once production begins .
Incipient production has begun ....its eventual interim volumes prior to HD in mid 2025 is still evolving ....
https://wcsecure.weblink.com.au/pdf/BGL/02786335.pdf