Hi,
I'm a long time AVB follower and former holder. Short time HC user.
I agree that AVB seems cheap and thought it worthwhile to check how cheap, so I've pulled together some JORCs for other copper explorers, to try and help assess how cheap it really is.
My conclusion is quite cheap, but some of that cheapness is due to country risk, probably unfairly, some to the fact that most of the resource is inferred and a lot due to management concerns and a lack of mining plans.
I think they'll be taken over before mining.AVB
Brazil- AVB JORC Reported Mineral Resource Inventory for Stage I & II has increased to: 52.11Mt at 1.27% Copper, 0.32g/t Gold for 661,000 tonnes of contained Copper and 527,000oz of Gold. Copper Equivalent of 773,000 tonnes
- o Cut-off Grade of 0.4% Cu for Sulphide Resources, and 0.3% Cu for Oxide resources.
- Market cap $108m - $114m fully diluted
- $147.47736 per tonne cu eq
NOTE: Mostly inferred resources, but will probably reach 1mt cu eq soonBTR
Zambia- BTR In-situ Mineral Resource = 187 Mt @ 1.14% Cu using a 0.5% cut-off (2.132 Mt of contained copper). BUT Estimated mineable ore of 84.5 Mt Run of Mine (ROM) at 1.19% Cu (1,014,000t cu)
- Perkoa 12.17 Mt @ 10.3% Zn and 53.9 g/t Ag
- Market cap $186m - $190m fully diluted
- $187 per tonne cu.
NOTE: Ignores Perkoa, which has started mining. BTR's share of Perkoa is 39.9%DML
Botswana- DML Boseto Mineral Resources 131 Mt @ 1.3% Cu & 16.2 g/t Ag. (1,703,000t cu)
- Market cap $803m - $805m fully diluted
- $462 per tonne. Ignores silver
NOTE: ProducingCDU
QLD- CDU JORC 30.3mt @ 1.7% CuEq (0.8% cut-off) Measured and Indicated = 515,100 tonnes cu
- 97.9mt @ 0.96% CuEq (0.4% cut-off) Measured and Indicated = 939,840 tonnes cu
- 272.9mt @ 0.62% CuEq (0.2% cut-off) Measured, Indicated & Inferred = 1,691,980 tonnes cu 1,691,980
- Market cap $900m - $917m fully diluted
- $976t cu eq Using middle 97.9mt figure.
TGS
DRC (Democratic Rep. Congo)- TGS Resource of 49.0Mt at 1.7% Cu for 834kt contained Cu (mining depleted)
- Reserve of 2.7Mt at 7.0% Cu for 188kt contained Cu.
- Market cap $227m – Fully diluted $240m
- $272t cu
NOTE: TGS own 60% of Kipoi, so the effective value is $450t cuMGO
Papua New Guinea
MGO Measured 248m tonnes @.43% (1,066,400t cu)- Indicated 114m tonnes @ .42% (478,800t cu)
- Inferred 218m tonnes @ .37% (806,600t cu)
- Market cap $176m – fully diluted $187m
- $80t cu
HOR
Western Australia- Measured, Indicated and Inferred Mineral Resource of 8.6 million tonnes @ 1.06% Cu and 0.13 g/t Au for 91,000 tonnes Cu and (37,400 oz Au. approx 7kt cu eq)
- Market cap $18.6m – fully diluted $24.6m
- $251t cu eq
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