Share price/reserves No where in my post did I say I divided reserves by o/s or that you should. But a few on this board seem to think you can with VHGI. In fact your post just proved you can't value a coal producer that way. My point was that the market values those coal producers at far less than that. They each have roughly 200m shares outstanding (vs. 100+ for VHGI)and Billions in sales and coal reserves yet some of them are only trading at $5-7. Their cost per ton to produce is lower, open pit/side wall(cheaper) vs. room and pillar(more expensive). Well established/high volume(them/cheaper) vs. new startup(us/more expensive) VHGI could spike soon, but it won't be because of fundamentals or profits.