Because I haven't been bothered to do a full DCF. At the most...

Because I haven't been bothered to do a full DCF. At the most basic level

Current price of silver: $31/oz Ag AUD
ASIC of $17.45/oz Ag AUD

26.5/5 = ~5.3mil oz mined per year

that makes
Revenue: 164,300,000
Expennses: 92,485,000
Net: 71,815,000
Times 30% tax = 50,270,500
Apply a discount of 8% = 4,021,640 to account for royalties and because a DCF should have a discount for time value of money
= $46,248,360
But then of course there are going to be ongoing drilling and exploration costs. So I could see IVR sitting at around $45mil NPAT per year ROUGLY

This is super rough huge estimate

A P/E of 10 would therefore given them Approximately 450mil MC

So they might at best after 2.2 years of profit have around $80-$100mil cash and then need to repeat the process at a new mine or rapidly expand Paris