thats assuming the pits are both the same size and they are...

thats assuming the pits are both the same size and they are getting the same amount out of the ground.

Now forgive me if i have made an error this is the first time i have tried to calculate this, but for fun lets assume new pit is only producing 50% of what the existing one is and lets use the PE assuming the market price was $1.35

The formula for calculating the price-earnings ratio for any stock is simple: the market value per share divided by the earnings per share (EPS). thanks google.

From the AGM - Earnings per share: 42.3 cents/share

so $1.35/42.3 give a PE of 3.19

so they should be earning roughly 52.5 mill a quarter x 4 - $210 mill yearly x PE of 3.19 is a MC of $669,900,000

$669,900,000 market cap/253,259,495 shares on issue

$2.65 share price

not sure i can get any more conservative