first production, page-51

re: bmo produced more silver than this dog straight,

A more simplistic way is say POS $US13 less cash costs say $US7 = $US6 margin per ounce, less admin, financing, depreciation, 30% tax etc which would get down to say $US4/.785 = $A5/oz * say 2.5M oz pa production = $A12.5M pa tax paid profit.

Divide by 461M FPO's = 2.7c EPS *PE16 say = SP $A0.43 as a producer. (Ag producers historically have a higher PE than Au producers)

Please note, this is my guess only and some numbers may be out of date or just plain incorrect. The key to big sp growth will be POS getting a lot higher which appears quite likely over the next few years plus investor fever.

BUT I don't like the management, others might.