has anyone done a calculation of fair value once production is...

has anyone done a calculation of fair value once production is underway. My rough 'back of envelope' is as follows.

250,000tonnes x (198-125 (average cost)) = $15,750,000 net profit

at 500,000 tonnes net profit increases to circa $31,500,000

If there's 320,000,000m shares on issue and we use a PE of 10 then a fair price would be 49c per share (ph 1) rising to 98c (phase 2).

Correct or am i missing something?

Seems a 'no brainer' to top up at current levels (24c).

cheers