When valuing an exploration company, you should know that gold in the ground isn't worth a lot. Typically between $0-90/ounce. No matter what the gold price does, it is still worth between that range. What does matter is the amount of gold ounces you have in the ground and the grade and shallowness of the gold resources.
When you start as an explorer, your resources will be priced between $0-30/ounce. When you have done feasibility studies and gained mineral reserves your gold will go up to the $90/ounce range.
So let's say Balmoral Resources has 5 million ounces of gold resources. It could be that the company could be bought out by 5 million * $30/ounce = $150 million dollars. Which is twice the market cap today. The price of gold doesn't have a lot of influence, but let's say they find 7 million ounces of gold, then the buyout price would be $210 million dollars. And let's say they find very high grade gold, then it could be even higher. For example 7 million * $50/ounce = $350 million dollars. This is 5 times the current market price.
So everything depends on their progress in drilling holes and finding large resources and high grades. All speculation, but it can be very rewarding.