What is the Lassonde Ratio and how is it calculated?
The Lassonde Ratio compares a miner's resource optionality per share to its current share price — when the ratio exceeds 1.0, the conservative resource value already sits above where the market is pricing the equity, a dislocation visible in the price itself.
The numerator is resource optionality per share, built on the conservative "Plausible Ounces × metal price × 10%" resource value, not a margin/FCF formula — which keeps it from over-valuing unconfirmed ounces.
A ratio above 1.0 means the resource floor exceeds the market price; in the Re-Rate Score this triggers the Lassonde Gate, crediting that pre-existing dislocation.
It is a resource-floor signal, not a fair-value target — it says "the market is discounting the ounces," not "this is what the stock is worth."
Worked example
- TDRRF — a large-resource British Columbia developer (Tier 1, 9-Factor 71.8) — the resource-heavy profile where the Lassonde lens is most informative. (We teach the ratio and link to the page; the specific value is members-only.)