Ann: June 2012 Financial Statements , page-6

If you go back to the DJ Carmichael report of June 2012, 1.5 million ozs per annum. At an estimated cash cost of $15 per oz, some of which is hedged at $30, considerable upside in AYN's SP remains (self-evidently, the higher the POS, the higher AYN's SP and forecast EBITDA come 2013 (current EBITDA forecast is for $17 million, with, one would presume, carried-forward tax losses to be utilized).

It's worth remembering that when the POS hit $50 back in April 2011, AYN were trading at 14.5 cps. As most here would agree, AYN is a different beast to that which existed back in 2011.

A 10% increase in the silver price, according to at least DJ Carmichael, would see a 17% increase in the valuation of AYN. Simple math suggests that quite a few 10% increases between the current POS and a POS of $100 an ounce would make for many a happy shareholder.