market cap/ resource oz comparison

On one of Carrick Gold presentation, they drew a chart to compare the ratio of Market Cap/ Resource oz of a few emerging gold producers (some could be producing by now). It give a rough guide how to value an emerging gold producer and we can compare if CJO is too pricey presently. I presume the higher ratio could be due to nearer production date, among other factors and the resource oz are based on the in-ground gold and not the recoverable.
These are the ratios:-
Regis--301
Integra--226
Troy--192
Catalpa--174

Other companies have lower ratio but they are much further from production and are still doing their scoping studies.
Let's work out CJO ratio.
Market cap = 630m shares x 26c = $164m
In grd gold equiv. = 1.9m oz
MC/ Resource oz = 86

Many other factors were not considered in these ratios but they give a good rough guide. Maybe some companies have higher ratios because they have come into the big funds radar. I am happy to hang on to my shares to see the ratio match other comparative emerging gold producers.
CJO ratio does not even consider the other assets in its portfolio.