Ann: QUARTERLY ACITIVITIES REPORT MARCH 2022, page-24

One small fundy still likes it !

With a share price of $0.15, a market capitalisation of $338 million and with cash equivalents on hand at 31 December 2021 of $68 million, positive exploration results are assisting AIS transition from a speculative junior mining company to one with longer-life operations generating strong cashflow over the medium-term. At today’s commodity prices and exchange rates our assessment is AIS has, from Fiscal 2023, the ability to generate an annualised EBITDA of $175 million and net profit approaching $100 million (or 4.4 cents per share). At a forecast Enterprise Value ($270 million)/ EBITDA ($175 million) ratio of 1.5X and a prospective PE (15c/4.4c) of 3.4X for Fiscal 2023, the AIS share price appears to have good upside.