If anyone needs the full research report (and you happen to be a...

If anyone needs the full research report (and you happen to be a shareholder), contact Cygnet Capital. Extremely courteous, friendly investment house.

Valuation Assumptions
Silver Price:US$41/oz
AUD/USD:$1.04
Capacity:1Mtpa
Resource:5.9Mt
Life Production:13Moz
Grade:72-79g/t Ag
Recovery:~69%
Cash Cost:A$13.50/oz
AYN polymetallic non-JORC exploration assets remain an upside to our valuation.
At the current silver price of US$41/oz our fully diluted NPV is A$0.15.
At a silver price of US$50/oz we value AYN at A$0.18. If the price increases to US$75/oz our value increases to A$0.28.
Source: Cygnet
Source: Cygnet
NPV10 (A$m)Value / Share (A$)Twin Hills Mine (Twin Hills & Mt Gunyan)1820.13Silver Spur & Tally Ho100.01Cash Reserves100.01Total2020.15Total - Silver price US$50/oz2450.18Total - Silver Price US$75/oz3900.28