"The market cap of PMT is about the same as AZS, but their reported resource is 40% higher gradeand3 times more tonnesthat what I got in my model. "
It seems your modelling is way off if you modelled PMT's resource and only achieved one third the tonnes at a 40% lower grade than PMT announced This statement does not fill me with much confidence about any of the statements you made about AZS in your post including the cost to mine, etc.
Unless you provide more evidence I am inclined to place much more reliance on @WowVeryJosh's estimates. .
AZS Price at posting:
$2.52 Sentiment: Hold Disclosure: Held