Stealth, great pair of charts showing the correlation between...

Stealth, great pair of charts showing the correlation between SLR.AX and POG.

Loosely speaking, a $2 swing in SLR corresponds to a $100 swing in POG, or dSLR/dPOG is approximately 0.01 oz/share.

By my reckoning, assuming all other costs roughly constant, we could expect this value to equal the P/E * oz/yr / #shares.

This gives 0.01 = P/E * 260k / 379M, or

P/E = 0.01 * 379M / 260k ~= 14.6

Very much back of the envelope stuff, but sounds about right to me.