I disagree mate. MLX accounting policy in note 13 of the annual...

I disagree mate. MLX accounting policy in note 13 of the annual report states that capital costs are carried at cost and then transferred to property plant and equipment or mine properties and development at cost at completion of the capital project. We can also see in note 13 that in the six months to 31 December 2022 they capitalised $11.7 million to work in progress. Note 14 states that costs associated with mine properties are carried forward at cost, and accumulated expenditure is amortised over the life of the area of interest. They capitalised 7.4 million to mine properties in the 6 months ended 31 December 2022. Their income statement makes no mention of "capital costs" as an expenditure item. I think you're getting accounting profit and tax profit mixed up. Sure some of these capital costs may be claimed immediately for tax purposes, but that is completely different to the metric used to calculated P/E which takes the entities earnings per share into account.