Reasonable start, think a fair bit of an optimistic outlook on the time and cost of the underground development, look at figures 8 and 10 to make up your own mind Probably a marginal enterprise based on 7 year LOM, if exploration can push that out 5 years or so then should be a goer. Table 3, capex estimate looks light on to me, we are scoping a TSF wall lift for a mining major at the moment, the money listed in the table wouldn't cover much more than mobilization the way things are at the moment. Processing plant looks ok with the contingency, infastructure and process is a big wildcard. The longer you can get the LOM the more you can dilute the inevitable cost and time overruns.
AZY Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
