This is an excellent presentation about investing in junior...

This is an excellent presentation about investing in junior mining companies (the focus is more on gold but it is clear it applies also to any junior miner) from someone who knows her stuff (see a bio of her at the end of this post). I highly recommend it.

If you go to about 29 min in the presentation she makes comments about where we are in the market. This is my take on her view - it seems there is a lot of under valued miners and a lot over valued:

- producers are very undervalued on any normal metric
- those with what she refers to as "drill bit success stories (eg CHN) are very over valued
- those on the developing side of the story (ie de-risked with either a resource or lots of drilling results building up to a maiden resource or building/developing a mine) are significantly undervalued.

IMO AZS clearly fell into the first group when it SP went over 50c but has probably partly fallen into the 3rd group (just).





Prior to joining Sprott, Nicole’s career highlights encompassed a wide variety of roles, including serving as Chief Executive Officer of a Brazilian gold producer, investment fund/corporate advisor, managing the research team at a precious metals equity fund, senior mining investment banker advising on over 20 M&A transactions and participating in equity financings, sell-side equity research analyst, and geology consulting/research. Her institutional equity investor experience has honed an understanding of the varied drivers to achieve value-per-share appreciation. Nicole’s extensive on-site due diligence, assessing the technical, financial, social, political and environmental risks on more than 250 precious and base metals projects across six continents has resulted in a first-hand appreciation of the spectrum of positive attributes and red flags. Nicole has a global network of institutional investors, company management teams/boards, technical specialists and the sell-side. She holds a Ph.D., First Class Honours Degree and a B.Sc, all in geology, from James Cook University of North Queensland.