operating costs of $15per oz is their forecast + capital costs +...

operating costs of $15per oz is their forecast + capital costs + admin + royalties + taxes. then work out your p/e.

for ayn to get to the lofty heights that some have predicted they need to increase their production which means more capital costs(which would be money well spent) or a dramatic rise in pos(which is possible)

also a p/e of 3-4 is what you should base it on till they have a couple of years of steady production behind them.

longterm you shouldn't lose by buying at current sp but only hype or a near term dramatic rise in pos will see sp shoot up.(both are possible)

if ayn was a horse then a few posters here would be suspended for excessive use of the whip