Ann: Quarterly Activities Report, page-15

I wouldn't use PER as a metric for valuing miners, fools gold. The original post was there to highlight how a sector goes from irrational undervaluation to overvaluation during a cycle (which can last for a very long time). Currently, I don't believe we've reached the peak overvaluation for gold companies in this cycle. While the tier one (>500kozpa) gold producers are looking a bit frothy, they can go much much higher. What we haven't witnessed yet is the transition down the tiers by the market in search of value, I believe this event is just getting started with value hunting in the >100kozpa region. In this next cycle tier two and juniors will outperform, obviously the caveat is the gold price, which for all reason I can't see collapsing like 2013.

And then there's the AUD, what a basket of fun that will be in the coming years...