I agree that they might have been hoping for a greater expansion of reserves, increasing LOM.
Even so, my excel spreadsheet has fair value at $0.98 on a P/E of 11.
Including stage two, with a discount rate of 15% pa and presuming dec 2019 shipments, today's current fair value is $1.80.
And even with really conservative assumptions my excel puts today's fair value at $0.59.
AJM's market cap still has a long way to go. BUY
Ann: Upgraded Ore Reserve and Mineral Resource Estimates, page-39
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