I heard that ME is only being valued at $9/oz gold in the ground while others are being valued at $26.
So if we take for example a minimum of $20 /oz in the ground:
$20 x 4,300,000oz / $193,472,382 shares
= 44 cents/share
Now consider that some investors use $20/oz for indicated and $30/oz for inferred. ME has 1.1 Million oz indicated and 3.2 Million oz inferred so the example above at 44 cents should be considered conservative.
Best of luck,