10x PE is only relevant if the income is ongoing. at present there is a single deposit that might lead to a mine with a 7-10y mine life?
your calculations are also flawed in multiplying total profit to get your PE - PE is a measure of annual income. if total profit is 32c per share, and the company folds and gives every shareholder the profits - then you would get 32c - when will that happen? could you earn more money if you put your cash in the bank between now and then?
no resource stock trades on a valid PE for the reason that resources are finite with no guarantee of extensions and continuity of income and profits.
CLA-mining considerations, page-261
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