As a joint owner of Saracen, I thought I should check out the...

As a joint owner of Saracen, I thought I should check out the value of our new asset in the way of MAT shares. MAT is not a company that has caught my eye previously. Happy for SAR to take some cash off MAT for Red October but the main part of the sale is in shares.
Anyway, I calculate an EV of $35.4M and have found references to a total resource (indicated and inferred) of 479.9Koz to give an EV to resource of $74/oz. That puts MAT into the expensive category and there is certainly much better value on the ASX based on defined resources. Other companies in my spreadsheet fall between $5 - $403/oz.
I guess many of you will argue that defined resources are one thing and potential finds should be taken into account. However, that simply puts one into the realm of faith and trust and I do not know how to value belief and hope.
My other concern with MAT is the amount of debt it holds and which is due in July this year. The company says it is confident of extending the debt with the current lenders but it still raises an issue to be tracked. BDR and BLK are the most recent instances of what can happen when things do not go according to plan.
The trial mining at Fortitude was anything but profitable with costs far exceeding the realised sale value.
Saracen can afford to take the risk and after all, with Red October they had a hole in the ground and buildings above ground that were costing them money for care and maintenance and earning nothing.