I've trawled through the anns for the past six months and...

I've trawled through the anns for the past six months and discovered that copper production started in July 07 but did not reach nameplate capacity until October. Probably the fairest way to annualize the earnings is to use the ratio between copper sold and annual nameplate capacity.

Copper sold ,,,,, 1943t

Nameplate capacity .... 5500t

Using the current share price of 8.5c and earnings per share of 0.16c we get a raw PE ratio of 53.1.

Multiply this by the ratio of copper sold to annual nameplate capacity gives us an annualized PE ratio of 18.8.

Even this figure is considerably higher than what we can expect when the current upgrade is completed. To get some idea of earnings over a full year at the upgrade nameplate capacity of 9000tpa, we could change the annualizing ratio to the higher figure. This wouldn't include any economies of scale that should come with higher production but it would give us a ball park figure for what we can expect.

Using the upgrade figure, the annualized PE ratio becomes 11.47.