"More reasonable to value SGX with metal $ numbers as they tend to be valued for stuff in the ground - e.g. $150/oz for (only the mineable!) gold."

Arequipa was bought by Barrick in 1996 for $150 per ounce ... an unprecedented valuation. Kinross isn't paying nearly that much for Aurelian. Further, Barrick found another few million ounces after the purchase

Cannacord does a weekly survey of 60 gold companies with defined resources. a year ago the average market cap per ounce was close to $100. today it is around $60.

other than a fun exercise, valuing SGX based on onoman resource is pointless .... at least right now.