"OZE - i take your point re the cash backing, however my thought...

"OZE - i take your point re the cash backing, however my thought is that you can't really look at it that way unless you think you'll get the cash back. My guess is that management has kept the required cash to fund it's projects etc and therefore i'd assume it's going to be used up in the future? Therefore I'm trying to get a view on value of the tenements, assuming they have $Xm of cash to fund them."

You aren't serious are you?

You do realize that tenements and resources mean nothing unless you monetize them don't you? You can't ignore what is actually there. You can use the cash to just buy resources if you want without the need to even mine them!

Most brokers only follow top stocks. Don't assume they know what they are talking about. They are just salesmen don't forget - do your own research.