EV/JORC Resource average for ASX African listed juniors in the...

EV/JORC Resource average for ASX African listed juniors in the range of $40-$60/oz gold according to *.

Antipa has and EV/JORC of $33/oz gold equivalent attributable resource. AZY has 3.8 million ounces of gold equivalent attributable resources and 2.8 million ounces of gold only attributable resources (attributable meaning only their 35% of Calibe/Magnum and 100% of Minyari/WACA is counted).

When gold resources in the Paterson of WA are cheaper than Africa it is a pretty good sign that the stock is undervalued. At an EV/JORC of $50/oz gold equivalent attributable resource Antipa would have a market cap of $190 million. At $60/oz this would be a market cap of $228 million.

I believe the value of the AZY 100% owned Minyari/WACA 2.6 million ounces of gold equivalent attributable resources @ 2.4 g/t gold equivalent is probably worth $150-200/oz gold equivalent to Newcrest. This would be $390-520 million. Would Newcrest buy the entire 100% Antipa owned ground including the Minyari/WACA project for $400 million? I think they probably would because of the importance to keeping their processing plant busy and retaining skilled staff that are hard to find at present. Also at that price the project should be quite profitable because of the grade and shallow depth.

DYOR. Not investment advice just my thoughts.