ADT has a world class deposit, which is backed up with incredible financials. NPV8 post tax is over 1B USD and that is based on the 2021 DFS. They have just recently significantly upgraded reserves to a mine life of I think 18 years with plenty of scope to expand.
AMI has a great deposit in Federation, but is not in the same league as ADT. Feeeration has a pre tax NPV7 of <100M USD using base case prices.
My take is it will take time for AMI. Currently trading at an EV of approx 130-135M — MC of 195M - ~125M cash + 65M debt.
Also remember will be down to one operating mill for a while even after Federation starts, not really sure why there aren’t getting the Hera mill up and running to coincide with Federation starting? Surely they have enough material at Peak to keep that mill going?
AMI Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
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