Whilst last quarter we know has been strong I am interested in...

Whilst last quarter we know has been strong I am interested in the picture moving forward.

They seem to be doing about 550ktpa out of Peak, and I am guessing they may do 100-150ktpa from Federation this fin year as they ramp up, so say 700ktpa. I am also guessing they will do around 30k oz in FY25.

The way I look at AMI is that it was once a 100k oz producer with a short mine life. Now with Federation and GC they have a very decent mine life however they are now a base metal producer. Typically the PE ratio ascribed to base metal miners is lower than gold producers, however IMO this is more than offset with the mine life they now have.

Going forward they will process 1.2Mtpa, which I think enables them to hit 120-150 in earnings annually. Still think there is room to move upwards from here.