From presentation document, one would realize where this AUZ...

From presentation document, one would realize where this AUZ would be heading to in term of the share price.  Also in the short term, there will be a lot of news coming from all 3 projects.

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Appendix – Details of Australian Mines & Clean TeQ comparison

As noted in Australian Mines’ ASX Price and Volume Query Response released 31 October 2017:

• Australian Mines notes that Canadian broking and investment firm, Canaccord Genuity, released a BUY recommendation on Clean TeQ holdings (ASX: CLQ) on 29 October 2017.

• The target price for this BUY recommendation on Clean TeQ holdings was $2.00, which values the Syerston project (having a mineral resource tonnage of 101 million tonnes at an average grade of 0.13% cobalt and 0.59% nickel) at $1.1 billion.

• In comparison, Australian Mines, whose Sconi project has a mineral resource tonnage of 89 million tonnes at an average expected feed grade of 0.11% cobalt and 0.80% nickel, is currently valued at only $267 million

• This market capitalisation of $267 million for Australian Mines overlooks the inherent value of the company’s Flemington Cobalt-Scandium-Nickel Project in New South Wales, which is the immediate continuation of Clean TeQ Syerston project, as well as Australian Mines emerging Thackaringa Cobalt Project, which immdeiatyelya djoins Cobalt Blue’s (ASX: COB) tenements near Broken Hill.

• It is noted that Canaccord Genuity’s valuation of $1.1 billion for the Syerston Project, is based solely on that project’s cobalt and nickel resource.

• Canaccord Genuity, in their 29 October 2017 report, does not attribute any value to the platinum resource at Syerston nor does it attribute any value to the project’s scandium resource.

• Canaccord Genuity, in their 29 October 2017 report, also attributes a ZERO value to Clean TeQ’s water business

• Canaccord Genuity’s treatment of the Syerston Project reflects that of Macquarie Research – part of Macquarie Bank – who earlier this month valued the Syerston Project at $1.2 billion, again, based solely on that project’s cobalt and nickel resource, with no NIL value placed on the project’s platinum or scandium resource or water buisness

• Given both Canaccord Genuity and Macquarie Bank each, and independently valued the Syerston Project at more than $1.1 billion based solely on its cobalt and nickel resource, and given that there is no material difference between the cobalt and nickel mineralisation / deposit at Clean TeQ’s Syerston Project and Australian Mines’ Sconi Project, the ‘like-for-like’ comparison between these two projects is valid.

• As a result, the value / market capitalisation comparison between Clean TeQ’s Syerston Project and Australian Mines’ Sconi Project is similarly valid given that there is no known material difference in these two projects that could explain the value differential 6/03/2018 www.australianmines.com.au 19 Appendix – Sconi Mineral Resource
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