"How do they value it? One of the parameters will be gold in the...

"How do they value it? One of the parameters will be gold in the ground.."
"What value do you place on what you are trying to find while exploring... today's price! What else is there?"

Of course they value the gold in the ground but the don't use today's gold price - they would use a long term average or use the long term average to predict a trend or employ some guru analyst to calculate the predicted average POG over the predicted life of the mine. They would not be changing the value of the gold in the ground on short term movements in the POG when it will be years before that gold realises any value.