Recent Gold M&A in Australia - Big Premiums on Acquisitions, page-203

screen shot of AZY website today 07/07/23




With NST'S purchase of the 346,000oz Millrose deposit, only 246,000oz is in the indicated category. Compared to AZY'S Minyari Dome Project, which has 1Moz @ 1.4 g/t in the higher confidence indicated category, at the same open pittable depth of 300m as the Millrose deposit.

And in a gold equivalent basis, Minyari Dome has 1.44Moz @ 2.4g/t eq. indicated gold oz's. So approximately 600% higher amount than Millrose's 246,000oz in the indicated category. And Minyari has 25% higher grade also.

Yet the price tag NST paid for such a small deposit, is 50% higher than AZY'S current MC. When in fact AZY has 2.6Moz @ 2.4g/t gold eq, just at Minyari Dome alone. This completely defies logic, in regards to AZY'S current valuation.