If you go back to the DJ Carmichael report of June 2012, 1.5...

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.