Using a Focus Minerals to Cougar Minerals one off, apples to apples comparison, at a minimum Cougar should have a bargain basement price of at least 20 cents based on today's market caps and probably even 30 cents given COU has yet to release anything that says they came up dry.
First off, FCV was a Brent Cook pick and a pure drill play that did a PP at 75 cents after hyping the company. It hit a high of 1.38 and after releasing results not confirming what the market was hoping for, it sold off to 41 cents. It currently has nothing other than another potential target but nothing to write home about yet it is currently valued at 13.4 million. At its high, it was closer to 45 million, you get the idea.
Cougar has what could be considered far superior land, a list of high grade past drill intersections and a possible continuation of San Gold's high grade trend yet the market pre drilling only values it at just under 6 million.
It's been about 2 1/2 months since an NR of any significance and the market reflects this. As good a deal as the 5 cent pp was, it has become the deadly weaknees in spite of the overall strength.