I agree it was a good report but I think your numbers might need...

I agree it was a good report but I think your numbers might need some adjustment. You dont seem to have provided for exploration costs and depreciation in your profit margin numbers. I would have thought that this would raise total costs to the $400-500 region but am happy to be corrected on this. Hence I would have thought pre tax margins would be around $800-900/ounce. At 45k ounces that is $38m pre tax. Then there is an issue of what PE one would apply to a company not paying tax. In my experience the PE tends to be lower due to a future expectation of tax.....hence 10x might become 8-9x.......applying this all out gives you a valuation of around $1.30..which is the current share price......obviously there is a range.....Am interested to here your logic and where you think I might be out?