The good:
1. 3.62% copper 50137 tons of copper. Wow, way higher than the measured component in the resource statement.
2. "The banks are expected to take renewed comfort from provision of the US$12 million BlackRock agreement, which upon receipt of this publication, is fixed, firm and ready to be drawn (pro-rata) alongside debt funding."
3. "Moreover, no technical or environmental impediments have been identified for Antas, which is situated in an established mining district, close to excellent infrastructure."
4. Mine life is just tip of iceberg, underground and Antas south inferred all not included yet.
5. Bank debt will be finalized in possibly October. Works will start next quarter and they have the cash to start pre-development works.
The Bad:
1. We all know the mining license was delayed so no surprises that the production set has been put into Quarter 2. With Mining license being settled the timeline to production is much more concrete now as Bank debt settlement is likely to move faster. Only logical if banks want to make money then they better make funds available ASAP.
Overall very exciting next quarter with Bank debt to be finalized and drawdown commencing in construction. The only thing that i felt should have been mentioned was the company plans for drilling in the near future (ie Drill more at PB or Antas?)
AVB Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
