cash costs $750 and falling, page-21

I suspect cash cost refers to operating cash cost rather than total cash cost. By comparison SLR has a operating cash cost of $488 and makes a profit after ALL costs (including admin.) of about $370/oz at current POG in AUD. I therefore suspect that AXM's profit after all costs is about $100-110/oz, which at a yearly production of 120,000 oz means a profit of some 12 million before tax or 8.4 million had they been paying full tax. They might well therefore trade at p/e's of 12-13 already.