Fair enough!Better, I think, to consider market cap than share...

Fair enough!

Better, I think, to consider market cap than share price. Then look at enterprise value per resource ounce, or per reserve ounce for producers. That will give you a few metrics to compare exploration companies and producers to their peers in similar locations.

As you've correctly pointed out, BLK have their share of problems. By contrast BLG is trading its pants off and people clearly consider it a takeover target. By that reckoning it could already be overvalued, but if they receive a takeover proposal it might go up even higher... I have no idea.

In my view it's very early days for STN and I think they will do well as the project matures.