Ann: Another Record Month of Gold Production for Blackham, page-67

That's interesting. That would give it an 11.5 to 13 PE based on worst case or 8-9PE based on best case.

I always go conservative so I based mine off $400 profit per ounce (1200 AISC) and 80koz per year.

If you went aggressive, you could say $500 profit per ounce and 90koz per year, which makes $45million profit per year (minus true overheads and exploration).

So I agree there is room to move, but my conservative estimate of value shows significant upside so I limited it to that.