"But if you look at things on the EV/Oz measure this stock looks seriously undervalued relative to its peers."
I'd say it's fairly valued at the moment.
I have it at $39 an ounce, and the going rate for an explorer in W Africa has been $30 an ounce up till the last 6 months when gold broke out.
Other stocks to compare, some not W African:
AAM $28 NAV $15 SAR $30 ADU $40 GRY $68
How about AND trading at $500 an ounce!!! eeeek
Totally agree potentially much more upside, especially when they go deep, but hen the costs add up. They need to concentrate on near surface with grades around 2 g/t.
Julie historic non JORC was 300k oz so I think that is factored in to the sp right now. I've factored that in anyway.
Those rock chips look interesting. Previous drilling on these types of targets has been pretty successful from memory.
And agree on the 2m oz potential, but lots of water under the bridge before producing anything.
SDG
AZM Price at posting:
23.0¢ Sentiment: LT Buy Disclosure: Not Held
