It depends,if you want a company valued on a significant amount of hype. The junior you mention under its old name had a reason it didn't touch or explore further the surface high gold readings next to its mill. That is all buried in its old reports under another name and convenient. They have recently admitted SOME plant modification required to handle its ongoing AMAZING drill results AT DEPTH moving forward. They have to get there first.Site and Mill couldn't make Positive CASH money at 2.4mt unless over 1g/ton. Needs NEW tailings dam.
For comparison how about another site that also operated not that long ago . Similar $200m worth of infrastructure ready to mine with multiple work faces open - restart only lasted less than 6 mo into ramp up before owner went under due to a catastrophe else where.comes with All the mining plant still onsite. Needs NEW tailings dam too. Admittedly mill only 250Kt but onsite ability and extra infrastructure and new ball mill all but joined in to up to 500kt,newly installed flotation circuit and proven in operation before shutdown to handle the proposed ore feed. 6g/ton gold equiv. Imt resource plus one tailings dam with over 1m possibly 1.5mt at 1.6g/ton for rework. all up $8m which included $5m govt rehab. So to me $3m bucks for the site ready to run. 100 plus years of proven production history. Almost all to be paid for by a $4m off take agreement in hand and a $4m loan both being finalised. New Met work says they can do better yields with most equip required already onsite new from prior owners who worked it out as well.
Not trying to cross promote just compare valuations ,but although I would love AMI to be hyped up to the same extent as your mention,with a fancy name like IKARIS,I would be long gone as AMI shares would already be over $2 without Federation online. IMHO - Your mentioned non-producing undeveloped underground gold mine is worth closer to squat by comparison no matter how much the above ground infrastructure was worth to build and now matter how little its processing costs were IF YOU EXCLUDE THE POWER PLANT COSTS which were asterixed. I wouldn't be surprised if Darques gets sold for $1 to save site rehab costs. that's $1.00.Pretty sure its on mains power too.
AMI Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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