Sharpshooter - gross margin @ 1.5moz p.a. and $30 PoS is $22.5m....

Sharpshooter - gross margin @ 1.5moz p.a. and $30 PoS is $22.5m. That's a multiple of close to 5 based on today bid close of 9.1c. At 2.0moz it's closer to a multiple of 4.

I'd hazard a guess and say tax will be minimal in year 1 and 2 based on carried forward losses. Also not sure if operating cost estimate provided by mgmt included depreciation, which would further reduce taxable income.

Also, you would think there would be some value attached to the potential for a resource upgrade from drilling.

So if you do not believe the PoS is going to rise AYN is probably fully priced at 10.5c - 11c, imo, once production hits 2moz p.a.

However if the PoS moves back up $50oz and/or there is a significant increase in the resource, the AYN could easily hit 20c+.