AZY PRICE AS AT 31ST DECEMBER - FORECASTS, page-55

Legacy Iron Ore (LCY) has risen spectacularly from $0.007 (10th Dec) to $0.049 (16th Dec) on some big share volumes since announcing positive metallurgical test work results on their Mt Celia gold project. A resource upgrade is due late December - mid January 2021 from their existing resource of only 3.4 Mt at 1.7 g/t gold for 184,000 oz. Some new RC drilling (1,000 metres) is beginning in a nearby region at Yilgangi based on 2019 gold anomalies from a surface sampling program. The resource is not massive but is growing. The company also has an interest in Mt Bevan iron ore / base metal project but nothing of importance has occurred there to indicate the share price increase is associated with the hematite / magnetite activities.

The market capitalisation of LCY is $250 million for a company with a resource of 184,000 ounces of gold. Therefore, LCY has a valuation of $1,359 per ounce. In comparison, Antipa's market capitalisation is $112 million for its JORC resource of 2,300,000 ounces of gold on JV and 100% owned ground. Therefore, AZY has a valuation of only $49 per ounce (eg. $112 million / 2.3 Moz) for its JORC discoveries. Why is LCY worth 28x more per ounce. Based on this, Antipa's market capitalisation would equate to $3,126 million or $1.26 per share. Either LCY is over priced at the moment or AZY is significantly undervalued.