Zinc Supply and Pricing, page-47

That's one of those questions that never has a satisfactory answer. Even the most well-thought-out answer is ultimately meaningless, as the market rarely reacts as you expect - although you can pick the trends.

The calculations I've done say that @ 23c, RVR is trading on a fully diluted PE of 4.1 (price-to-earnings ratio).

Based on the following:
- LOM revenue of A$628m in the restart study
- Annual free cash flow of A$25m in the restart study (pre-teax)
- Current LOM revenue of A$699 (accurate as of 11:35am WST today)
- 699 / 628 * 25 = $A27.8m adjusted free cash flow
- 472m shares on issue + 24m options
- Current SP of $0.23
- PE = 0.23 * 496m / 27.8m = 4.1

A PE of 5 (fully diluted) would give RVR a "fair price" of 28.1c.