Nailed it Hahn. Had also been looking into the reserve and...

First 2 Last

Share
Profile

Follow
Monny

132 Posts.

38

22/05/18

01:04

Post #: 33242981
Share

Originally posted by Hahndoe ↑

AMN doesn't actually have a PFS as far as I can see

- AACE Class 4 is used for pre-feasibility studies but if you look at Table 1 of '47R-11: Cost Estimate Classification System" it states the Maturity Level is the "sole determining characteristic of Class". The table shows Class 4 is 1% to 15% complete and typically used for screening (just above conceptual).

- A PFS must use reserves as stated in the JORC. AMN's PFS highlights multiple times in bold in the tables at the end that no reserves have been stated. So this is not a PFS!

- A mining lease requires a JORC resource as stipulated under s74 of the Mining Act. Foreign codes are not acceptable, i.e. AACE Class 4

- The Competent Person Statement states a key risk is the conversion from resource to reserve, which AMN hasn't done in this PFS. Then goes on to discuss the mineral resource, sampling etc.

- The Competent Person Statement does not include anything to do with financial feasibility of the project. Advisian prepared the study but where is their technical report outlining the methodology of how they came to their conclusions?

- Cautionary Statement - The Pre-Feasibility Study results, production target and forecast financial information referred to in this ASX Release are supported by the Pre-Feasibility Study mine plan which is based on the extraction of Mineral Resources that are classified as Indicated. There is no certainty that further exploration work and economic assessment will result in the eventual conversion of Mineral Resources to Ore Reserves or that the production target itself will be realised. So how did they prepare a PFS based on JORC without reserves, where's the supported mine plan, and can they ever obtain a mining lease or PFS when they can't confirm reserves at this stage?

- AMN wrote the forward looking statement (Table 16) which outlines Advisian's mine plan? Where's Advisian's mine plan - I WANNA SEE IT - their copy of it, with their logo, and their signature at the bottom!!!!

Summary: Competent Person only discusses the resource, no reserves were converted from the resource but they released a PFS anyway, the AACE estimate is a scoping study and worthless, and the mine plan prepared by Advisian (the Worley Parsons division) has not been attached.......

It's hard to understand how ASIC has not sent them a please explain...

Expand

Nailed it Hahn. Had also been looking into the reserve and reckon this is a MAJOR issue!

The incompetence of ASIC is laughable so unlikely to see any action from over there, but a few insto's could well be interested parties....

AMN Price at posting: 90.0¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

ASX Market Close: IT surges as Miners dumped | June 18, 2025

MTM

MTM Crit Metals hits +1,870% returns YoY – but fundamental questions remain

Almonty Industries – Now it is getting critical!

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

MEM

Many are concerned about global falling birthrates. This diverse stock has solutions

First 2 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 7.1¢		Change 0.000(0.00%)		Mkt cap ! $27.10M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
1	30522	7.1¢

Sellers (Offers)

Price($)	Vol.	No.
7.9¢	4040	1

View Market Depth

No.	Vol.	Price($)
1	30522	0.071
1	285714	0.070
1	22000	0.069
1	10489	0.066
2	230000	0.061

Price($)	Vol.	No.
0.079	4040	1
0.080	71333	1
0.090	11561	2
0.100	247106	4
0.125	100000	1

Last trade - 16.12pm 18/06/2025 (20 minute delay)

AMN (ASX) Chart

Nailed it Hahn. Had also been looking into the reserve and...

ASX Market Close: IT surges as Miners dumped | June 18, 2025

MTM Crit Metals hits +1,870% returns YoY – but fundamental questions remain

Almonty Industries – Now it is getting critical!

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Many are concerned about global falling birthrates. This diverse stock has solutions

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Nailed it Hahn. Had also been looking into the reserve and...

Top Stories

ASX Market Close: IT surges as Miners dumped | June 18, 2025

MTM Crit Metals hits +1,870% returns YoY – but fundamental questions remain

Almonty Industries – Now it is getting critical!

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Many are concerned about global falling birthrates. This diverse stock has solutions

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News