Ann: Quarterly Activities Report for December 2021, page-24

It is ludicrous to apply a multiple of 5- that would be approriate if wewere talking of (say) a 4 year LOM. Furthermore, if the immediate past earnings are not reflective of future earnings (which they aren't as Hillgrove has not been producing in line with future production), it would be stupid to fail to recognise that in whatever method used to properly value the company. For example, a 1 mine company the day before the mine opens would have no revenue but it would be absurd that comany has no value!!