So says analyst Christopher Welch at broker Ocean Equities in a note about the mining firm, whose flagship project is the Hitura nickel mine.
As well as nickel, the firm also wants to exploit a number of satellite gold deposits.
"The Kopsa gold deposit contains 223,000 ounces of gold resources with Osikonmäki containing 312,000 oz (86% attributable to Belvedere), Hirsikangas containing 228,000 ounces and Kiimala containing 149,000 ounces (86% attributable to Belvedere), says Welch.
Using a median West African peer group comparison of US$35 per ounce in the ground, says the analyst, the value of Belvedere’s gold resources would be $29.67 million - or equivalent to $0.32 per share.
Welch's comments come after the firm last month released its annual resource statement for the Hitura mine and revealed it had begun a 10,000 metre drill programme.
The total measured and indicated resource now stands at 2.6 million tonnes grading 0.55% nickel, while inferred resources include 457,000 tonnes at 0.7% nickel.
Welch notes that the "Hitura Middle and South are relatively underexplored and hold significant upside to increase mine life".
"The 10,000m drill programme will look to convert current resources into reserves but will also look to define shallower ore such as the West, Middle and South that can be accessed by existing underground infrastructure," he says.
"The current gross in-situ spot value of the nickel reserves and resources is $133 million and $247mln respectively.
"Taking a 10% of the gross value for the reserves, 3% for measured and indicated resources and 1% for inferred resources implies a value of $19.9mln for the contained nickel.
This roughly equates to the current market cap of Belvedere, notes Welch, at around $18.2mln.