WAF does a higher annual output than TIE at a similar ASIC but is only valued at 800m market cap. You can argue Ivory is a better location than BF however WAF's maiden deposit is a lot larger and is still growing with underground expansion potential. They are also building a secondary mine atm.
My valuation on TIE is 55c -60c per share once it reaches full production with AISC < 1200$USD. Note they will need some capital to debottleneck the processing plant next year (maybe 20-30m USD if not more). I dont think they will make a FID on Heap Leach until at least 2nd half next year - they need to show market they are a capable miner first to be able to go debt finance/equity raising.
From memory last year's 120km drilling was unsuccessful and AG is whatever it is - hopefully we can expand APG (heap leach) resources in the next 12 months and find some nearby resources. With heap leach reaches production, we should have an annual output ~230-240koz - That should gets us back to 80c; which is stiil at least 2 yrs away.
Note the ASX short position on TIE has increased based on the latest report... hopefully the new LOM is good.....
TIE Price at posting:
34.0¢ Sentiment: Hold Disclosure: Held
