Updated Valuation and SWOT - RSG, page-8

From what you are saying above, I think you are reconciling the differences in perspectives derived from a backward looking EV/AISC-adjusted production valuation approach and a forward looking EV/Reserves approach.

In the EV/Reserves approach, adjustments need to be made on prospective figures relating to ability to convert reserves into gold produced and it takes into account the sovereign risk, operational risk and also future commodity prices.

"You are right there is more to these stories than meets the eye and you won't see the story looking backwards. Even forward guidance over 1 year won't tell you the full story. Some stories don't contain growth potential when looked at over years, some stories don't even have truly recognizable reserves stretching for 5 years or less."

I agree. That is where I use a subjective multiple per oz of gold produced adjusted by AISC. If you see in my articles, there is an EV/AISC-adjusted production range. This is where I roughly take into account the future and multiply it from management guidance production and AISC figures to determine the fair value range. I leave a rather wide fair value range because forecasts are subject to high error, whether in what management can foresee from their guidance and the unforeseen components that management cannot see nor control.