true value of agm

I'm sick and tired of reading all the "fair value" b/s that comes from all the ZFX holders on this thread who have no AGM holdings and therefore no other motive than to try and talk it down. So thought I'd post our calculations of the true value of AGM. (Can't take all the credit for this, your work Keith).

8500tpa x $A29,500 x 0.8 concentrate % (commercial in confidence but informed about 10% better than comparable
= $200,600,000 pa

Less:

Tas Govt royalty of 5% of above
= $10,030,000

Production costs:
8,500,000 x $3lb x 2.2 = $56,100,000

Gross Operating Profit before tax & interest
= $134,470,000

Societe Generale loan
$73,000,000 (only $20m drawn down so far) x 10% = $7,300,000

Tax @ 30%
= ($134,470,000 - $7,300,000) x 0.3
= $38,151,000

Gross Operating Profit after tax & interest
= $89,019,000

Divide 807,100,000 shares and unlisted options
= $0.11

Using Meluas PE of 12 quoted previously
= $1.32

No account for Melba flats, Bison, Saxon, Bintje, Pontiac or the latest – Godkin. Have I missed any?!!

Where's the "blue sky" in the $1 offer price there please anyone?

$eeker