Ann: May 18 Sydney RIU Conference Presentation, page-22

First, Tubsfahkwah, Glencore buy the Pb/Zn concentrate.
Second, Idlewanderer's devil's advocate post of 8th May. 3 points he raised in reverse order...point 3. Investec debt of $115 million is wrong. It is $45 million.

Point 2. who is providing the cash...last quarter AMI netted $22 million and from Peak's cash back 31/12/17 to April 10/18 AMI grossed $36 million and netted $19 million after paying New Gold it's share. Glencore debt has gone with a final payment of $30 million on top of the $58 million for Peak. The announcement of 2 May shows that as of 30th April AMI have a cash balance of $65 million.
So $65 mil cash - debt $45 mil = $20 mil surplus.

Point 1. When you are mining 100,000 tonnes in a quarter, and 6.5% of what you mine is Pb + Zn. This is a considerable amount. It isn't going away, nor is the cash it generates. Nymagee is full of copper, should we discount that too, or just keep banking the profits?

The stock is currently well undervalued.