Ron, sorry, I didn't explain my self very well. EV is market cap less cash plus debt, i.e. what you would have to pay to buy out the company, assuming the share price didn't move while you were at it. Compare this to the number of ounces of resource and you get EV per ounce, which I consider to be a good basic measure of the value of the stock (other things, like costs and location, being equal). Ounces per share takes no account of the cost of the shares, so, from a potential investors point of view, you can't make a valid comparison.