One potential precursor that shows renewed investor interest in mining shares would be majors buying up juniors, presumably because they are undervalued. I went through the AEN-GYD acquisition to see what value per oz was placed on GYD's assets. The deal was $ 275 million, but it's interesting how little resource was developed by GYD. They have a resource of 760k oz indicated and 506k oz inferred. If you only count M&I for company value, that's $ 362/oz or you get $ 217/oz by adding the inferred resource. Either way those are very high numbers. I checked the latest corp presentation for GYD and they don't have any production but they do have another property which they don't have a resource estimate yet but they have a slide that implies it could contain a lot of oz. It unusual for companies to pay so much for upside but it appears AEM did just that. I was hoping to get a value to apply to PDG but there isn't really a number. If you accept $ 100/oz is a conservative number then PDG has 259 mil shares FD and 2.5 mil oz resource (I&I) which gives a share value of $ 0.97. Then there's the additional resource number we should get by the end of the month. Something to look forward to if I've got the math right.