Ann: Corporate presentation - February 2019, page-11

Yes AMI has a low AISC but not that low. The $316 you speak of was achieved in one quarter only (March 2018).

According to its most recent quarterly its operating at AISC of A$732 (average of both mines plus base metals) increasing to A$792 in 2019. Still really good and strong balance sheet too.

Both companies currently have aprox 4 year mine lives and AMI’s output appears to be around 50% higher than Moy’s 2019 projections.

But of course these lower costs and higher production are reflected in AMI’s higher Mkt cap of $720 mill vs $158 mill for Moy.

So when comparing it’s just a case of considering which company offers the most real value.