annual report and maths

My annual report came today. The numbers in it confirm what we have thought all along - major cashola coming PSA's way in 2003.

-In Feb they earned US$4.2M
-In Mar they may get US$5M due to very high prices.
-Assuming 637,000 at a net $4.40 a month ($5 gross - $0.60 stated costs), that's another US$25.2M for rest of calendar 2003.
-Also US$200 K per month of royalties x 12 = US$2.4M

Revenue = $4.2M + 5M + 25.2M + 2.4M = US$36.8M

Costs as stated in annual report:

-Exploration/capex costs for 2003 = US$11M
-Admin costs for 2003 = US$2M
-Buffer for other costs = US$1M

Total costs = US$14M
Profit before tax = US$22.8M
Convert to A$ at 0.6 = A$38M
Market cap - 105M at 44 cents = A$46M
EPS for calendar 2003 = 35 cps
PE for calendar 2003 = 1.3

This calc assumes no tax is payable.

Next step along the road is to see the cashflow from the qrtly report.

This is the best buy on the market at present. And imagine if even anything half decent is found in mid year drilling, also this discounts anything from China at all.

Good luck folks. Comments on calcs are welcome.