Said a different way. . . . .

If gold in the ground (inferred) was valued on average at about $100.00 (US) when gold spot was at $1,000 an ounce, would it be closer to $140 an ounce with spot gold price at $1,400+? If gold's spot price hits $2,000 an ounce, would the inferred gold in the ground perhaps rise to $200 an ounce? Or does gold in the ground (on average) not rise in value?

Miners look at increases in gold's spot price as new additional profitability, as their increased leverage. How about explorers-developers like PEM who have gold in the ground to sell ?