You have left out a number of value items when tallying up LSG. It is more than Timmins West and the Gold River Trend, and the royalty they sold does not cover all. You omit, for example, Bell and the infrastructure there, the Fenn Gib property they acquired from Goldcorp, their other smaller holdings, their stash of shares from properties vended out (Mexico and Rainy River area), etc..
oops - was reading the board bottom up, so edit to add to the above post now that I have seen PB's exchange and your later (of low importance) post
Both LSG and EXS are IMO either underpriced or reasonably priced, all depending on how one views the equity risk trade for companies that need (or in LSG case may need) financial help.
LSG just claimed that they well be cash-flow positive in H1 2013 (finally!). They have a lot going for them but bit off too much at one time. It cost them dearly. Relative to what LSG has, definitely has, including ramps and declines down to it, it makes EXS appear to be carrying a premium at 0.1 to 0.15 given the market sentiment for companies without cash-flow. jmo
