number 3 shareholder not happy with number 1 ?, page-44

It will/can be valued on a pe basis quite easily once we are at steady state ops. So when we are on 3 ships/month which is steady state, the revenues per month are around $20 mill. Deduct costs and we have a profit number. Now I don't know what the costs are. We will have to grill mgt on that when they resurface. Mgt will tell brokers though.
But I imagine we will be making at least $6 mill a month or $72 mill pre tax a year.

Put it on a PE. If the drilling gods are kind then a PE of over 5 is very reasonable as the underground tonnes would be large and we would be targeting 3-4 mill tonnes a year on top of the 1.5 from the remnant ore. If the underground doesn't exist then a PE of 2 is more appropriate I imagine as growth options are pretty hard to find until Irvine is approved.

When you say a fair whack of the profit is spent, I don't get what that means...we have spent money, yes, but a lot of this money is operating costs. The revenue per month at steady state is $20 mill/month. Of course we are spending money. When we get to steady state the mkt will look forward a year and that will be the earnings number. We are really talking 13/14 fin year onwards. We have not spent any of the revenue from 13/14 yet, it will be a pure number.