Updated Valuation and SWOT - RSG, page-44

Yes, @eshmun. This is initially my intention.

I am going to find time in the future to look at how the EV/Reserves and EV/Resources can be incorporated into my valuation reports. I conducted a study on the comparative merit of these three valuation metrics and found that the EV/AISC-adjusted production seems to explain better the pricing of gold mining companies when stratified by their categories. However, the industry uses EV/Reserves and EV/Resources in determining M&A, though I found that they are not as reliable.

What I think may be worthwhile is to take a combination of the three metrics to help one determine their preferences for using a measure that accounts for past production vs the future reserve/resource life from which a company will generate future cash flows. I do not believe in a fixed multiplier for these measures, but more rule of thumb judgment that reflects an investor's personal preferences.