Actually, the main thing is how much it cost to get it out. Gold that cost 1600/oz to mine due to high capex or bad metallurgy isn't going to be very highly valued by investors. Tower Hill has 20 million oz,  is way more drilled out than Kaminak, and has around a hundred million shares outstanding. It's also easily accessible and close to the power grid. But they will need well north of a billion in capital expenses to to mine it. You can buy all you want at $2.13.

Investors know there is a minable quantity of gold, even if they are not quite sure how much there is. For Kaminak, the PEA is everything.