33c-40c Spike Call, page-39

Thanks. So I read AISC A$1,224 and 50k oz hedged at A$1,536 for this FY. What would total production be for FY2015? I vaguely remember something around 100k (reduced from 125k).
Lets be positive and take A$1,500 for this year POG. 100k x (1500 -/- 1224) = 27.6m cashflow -/- 12m for exploration = $15.6m EBITDA ? Or is the 12m already included in AISC?
That way SLR is currently valued at 10x P/E more or less, plenty if you ask me.