pe less than 2 at current gold price

Market Cap 92.3m at 15.5c a share
Cash Position 20.7m
Debt 22 m
Net Enterprise Value: 91m
4.1m oz resource
1.1m oz reserves

Other Assets:
1. 17660oz gold hedging at A$1681 between FY14-FY16.
2. 32m spend on pre-strip of Whirling Dervish open pit being capitalised.
3. 50m tax benefit

FY14 Production Outlook: 130000 -140000oz(my estimate),
Inc. 48000oz from Red October underground mine(stated on 23/07/2013 New Discoveries at Red October Mine) and 80000-100000oz from Whirling Dervish open pit, plus 14300oz remaining at Karari open pit.

"All in" cost for last quarter was A$1200 per oz. However,because 32m capex spend on pre-strip of Whirling Dervish open pit being capitalised, the capex part of "all in" cost were mostly being paid for the next 2.5 years. Therefore, the actual "all in" cost will more like A$1050 per oz. Also, Whirling Dervish open pit is next to the processing plant whereas Deep South pit mined last quarter is 80km away. Thus, saving on Ore Cartage cost.

Use production of 130000oz, "All in" cost at A$1100 per oz and spot gold at A$1430 for calculation.

Hedging price sell for FY14:
66000oz * (A$1640 - A$1100) = 35.6m profit
Spot price sell:
64000oz * (A$1430 - A$1100) = 21.1m profit
Less 6.4m capex for the remaining 1.4m bcm Whirling Dervish pre-strip.

Total :35.6 + 21.1 - 6.4 = 50.3m profit for FY 14 at current gold price with no tax to pay.

PE for FY14 at 15.5 c a share = 91m / 50m = 1.8

I'm looking forward to at least 30c a share for SAR, anyone don't agree with me ?