San is classified as a producing Co. which means her share price will move on her financials . The market pays for qtr net cash flow . On the other hand a exploration Co. share price is based on net asset value. San to be fair also has over 4 million oz if we count the resources that can be moved up the 43 - 101 classifications ( drilling ). Sans 4 million oz x $ 1400. =5.6 billion div 300 mill shares gives us over ten a share. The net asset value would give San a higher share value if based as a exploration vs production co. Sans last qtr should be out next wk so we should remember here that Sans flowthrough funds spent can not contribute to production oz. Unless San does not do any more flowthrough this yr then all oz produce will go to the bottom line. Gold mining is unlike nickle/ copper mining as gold being ductile can go from wide to narrow veing which accounts for a high strip ratio ( waste rock ). Traps7