Dwarves and Middle Earth, page-25

Why is it worth 25c . Why should it trade at 120 m above cash. Take cash costs over the last year or 18 months . Add at least 10 -15 to get AISC . Minus from net sale price to Work out true margin.
Or take starting stock piles of a year ago and minus from stock piles of last quarter. Take one cash and receivables figure from the other and then take another 9 m for new debt. Finally take 15-20 m for reduction in cash for this quarter and work out true operating margin. Mind you the last two quarters other than the Current one where the two highest from an IO average of the last 2 years so they also had the benefit of a great last half