I think the market cap is undervalued but given their history of...

I think the market cap is undervalued but given their history of poor performance a PE of 6-7 is probably justified so A$30m to me gets you to a MC of around 200m (30cps). That would likely expand if they prove they can get more runs on the board i.e. PE of 10-11 maybe given their large resource.

The 30-35m is very much a guestimate. I think on 160k oz they will make a real margin of close to A$300 an ounce so thats A48m pre-tax so 30-odd after-tax. Margin wise I'm talking C3 costs of A$1100 (latest presentation has A$1144).