Annual profit per share:

Current prices = 4.5 cents

$1200 Au, $20 Ag = 7.9 cents

$1200 Au, $30 Ag = 10.5 cents

$1500 Au, $30 Ag = 12.6 cents

$1880 Au, $28 Ag (double current prices) = 14.7 cents (3.26x profit at current prices)

Even though the PE for the S&P is currently around 100, I do not think it is realistic. A PE of 50 is more realistic for a PM growth stock like ECU in a bull market. This would give us a share price of $2.25 with current metal prices and $7.30 if precious metals double. Of course if/when ECU's share price gets up into the $2 to $7 range it will be able to much better fund its growth without heavy share dilution which will again increase our growth potential.