RBC
Ampella Mining Limited (ASX:AMX; 0.35)
Upgrading to Outperform; risk now on the upside
RATINGS REVISION | COMMENT
November 15, 2012
Rating: Outperform (prev: Sector Perform)
Risk Qualifier: Speculative Risk
Price Target: 0.90
Except:
Investment Opinion
Ampella's share price has pulled back 45% over the last 30 trading days and 81% over the last year.
Trading at A35c, we see significant upside if the company can delineate the required ~400koz of oxide material to develop the Stage 1 conventional CIL project at Konkera. In our view, Ampella's large tenement package remains highly prospective and with A$35m cash on hand we believe the risk is weighted to the upside from A35c.
• Pullback provides opportunity: Ampella is currently trading on a P/NAV of 0.2x, materially lower than the 0.55x average for explorers across RBC's global universe. Furthermore, Ampella has an attractive EV/oz of US$17/oz, 60% below the average West African explorer at US$43/oz.
RBCAmpella Mining Limited (ASX:AMX; 0.35) Upgrading to...
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Last
32.5¢ |
Change
-0.005(1.52%) |
Mkt cap ! $30.87M | |||
| Open | High | Low | Value | Volume |
| 32.5¢ | 33.0¢ | 32.5¢ | $5.223K | 16.02K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 31187 | 32.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 33.5¢ | 6500 | 1 |
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| Last trade - 15.11pm 06/09/2024 (20 minute delay) ? |
| AMX (ASX) Chart |