FY 2017 future PE of 1.21

Just looking at some future earnings 15 months out the estimate by JP Morgans is $37 million profit after depreciation ($40 mill) and interest ($20 mill approx) and tax. So thats a nett $77 mill net cash flow.
Currently the company is valued at $45 million including the new shares issued at 1:3.35 in the rights issue.
This puts them on a forward PE of 1.21

Im expecting them to do something positive with the $10,000,000 just raised in the way of acquisition and minelife extension.

In the interests of being rigorous can anyone criticize the investment case for Base Resources?

cheers contra