What is EV per plausible ounce?
EV per plausible ounce divides a miner's enterprise value by its “plausible” resource ounces — a conservatively haircut measure of the in-situ resource — to compare what the market is paying per ounce across names on a like-for-like basis.
"Plausible ounces" is a deliberately conservative resource count (not headline total resource), so the per-ounce figure isn’t flattered by ounces unlikely to be mined.
It is a relative metric: its meaning comes from the peer comparison — a low EV/plausible-oz only signals "cheap" if the peer group was measured the same way in the same month.
It complements, not replaces, the cash-flow view: EV/oz anchors resource-stage names where FCF multiples don’t yet apply, while producers are read more on margin.
Worked example
- VZLA.TO — a silver-primary developer where resource-per-ounce framing is the natural lens (Tier 3, 9-Factor 69.4, DQS 7.4). The specific EV/oz figure is members-only; the page carries the public fields.