Quote:
Someone tell me if I'm wrong,
1,312,733,155 shares on issue
$41.00 oz silver price, take out $14.00oz to mine = $27.00oz
15mil oz resource
15mil oz x $27.00 = $405,000,000
405mil div x 1,312,733,155 shares on issue = SP .30
Is that correct? End Quote:
Yes, correct....what you are forgetting is that at 2M oz production per annum it will take 7.5 years to earn that 30c per share.
That's 4c per share EBIT....after tax (40%) the eps is actually 2.4c per annum.
Apply a P/E of 7 given current minelife and AYN is already almost fully valued.
the M/Cap is already 182M with a P/E of over 6 and they haven't delivered any earnings yet.
BSM, by comparison is also a silver producer (plus other metals) and is projected to earn similar money ($50M EBIT) to AYN once their current ramp-up is complete.
And they are sitting on about 43M oz of silver already.....at twice the grade to AYN.
M/Cap is $80M
Shares on issue: 200M
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