The area from the RIU presentation grade-thickness of >20-meter-percent nickel at Andover is around 45,100 square meters. Multiply that by 25m (estimated thickness of the zone) to get the volume and then again by 2.7 (tonnes per cubic meter) to get the tonnage. That is 3,044,250 tonnes. One percent of that (since the area is >20 meters of 1% nickel) and you get 30,442 tonnes of nickel. That times A$44,000 per tonne is close to A$1.34 billion. Since a JORC resource does not consider mining method or metallurgy, just the volume of mineralisation at a given cutoff, the official MRE could be even higher than my estimate since no cutoff is given for the grade-thickness plot. What value of my estimate should be reflected in the SP? I reckon 1/10 of the contained metal value or A$134 million, of which 60% or A$80 million gets credited to Azure. Lets hope the nickel, copper, and cobalt prices keeps going up, but for sure more resources are going to be found on the Andover tenement. The gold and silver in the ground at Alacran in Mexico are worth around 1 billion and the zinc-lead-silver in the ground at Oposura in Mexico is worth close to that much. Plus Barton. Those do not seem to be reflected enough in the AZS SP.
