I would say Current MC is $9M, and first year cash profit from...

I would say Current MC is $9M, and first year cash profit from Mt Porter alone is $9M+

So at current SP of $0.20, AHK will basically generate $0.20 cash per share...

Obviously some of this will be used to expand Mt Porter North and South and define resources, plus develop Glencoe as well as others.

Currently no debt - but will be drawing upon small debt facility to mine Mt Porter. Pay back in bullion from memory...

It is in one of the presentations that they intend to pay dividends. Given the large volume hold of directors, I would believe this.

As it stands, I would put a conservative value of AHK mid 2017 at $0.60 to $0.80 - more if they can progress Mt Porter North and South and Glencoe to follow on after Mt Porter and generate continuous revenue.

Sentiment of USD POG seems to affect AU miners, though AUD POG hasn't moved that much. Given USD strength typically drives AUD weakness, the currency has been like a psuedo hedge of the AUD POG.

Current value depends upon your risk appetite and your patience I guess.