GBG has more gold reserve relative to its market, than JAG. M+I category gold does not mean much. We need to compare gold reserves.
JAG says they will try to generate profit soon. But the key reason why they are losing money is because the production is not strong. They invested a lot in the infrastructure, and have to keep paying a lot to maintain the infra. To increase the production, they need to spend more capex (while they are currently losing money). Why could they invest more when their cash is very little? JAG says that they will shut down one of the mines. Well, you know that it costs a lot of money to start up a mine after a shutdown. Look at the cash position and the debt. How will you manage the finance?
The share price will fall below $1.00 in the next few days. This company is losing money while the debt far exceeds the total cash. The company is heading for bankruptcy. In another measure of the company value, JAG has less gold reserve relative to its market cap, than GBG. The share price will go down to $0.50 in a couple of weeks.