Ann: September 2009 Quarterly Report , page-8

There's about 1 billion shares out atm after capital raisings etc. Market cap at 10c is approx 100mil. So market cap at 1.93 is about 1.93billion. P/E of 10 gives earnings of about 200mil required to justify the price.

At 80c zinc with a margin of about 25c/lb zinc we get about $16million p/a from Endeavour plus shiploader revenue so maybe 20 million ebitda.

Ramp up and increase metals prices to somewhere in the 1.50 range and we see ebit approaching 100 million with upside potential from Rasp, Panorama and Endeavour which are all ready to go once metals prices increase. Push metals prices into the $2/lb range and increase production and there will be a good chance of seeing 2000mil ebit and that 1.93 sp...a solid 20 bagger from here! Possible yes...plausible....maybe.

All imho...and doing this off the top of my head so someone tell me if I'm dead wrong.