Analyst update;"AMX has released regional drill results from...

Analyst update;

"AMX has released regional drill results from their Foumbiri and Doubema projects in Burkina Faso.
The results are very encouraging and demonstrate the potential to add further resources to the current 3.1Moz resource inventory.

Overall the news is positive with upside in resources as well as the value add to the economics of the project using near surface ores. The only downside we see is AMX has delayed the release of their pre-feasibility study which has the potential to delay the startup of the project. We will endeavour to clarify timing of these events with the company shortly. In our view any delay is likely to be short but will be positively impacted by the new prospects being added to the study. We maintain our Buy and price target of $2.22/sh.

Key Points:

Both project areas are located within 25km of the Konkera 3.1Moz resource.

Foumbiri Prospect (located 24km north of Konkera) - 80% of results recieved
Drill results from the latest program shows mineralisation over a 3km strike length.
Results to date show significant near surface oxide mineralisation.

Best results to date include:
11m @ 5.3g/t Au (from 34m)
10m @ 4.8g/t Au (from 13m)
13m @ 2.0g/t Au (from surface)

14 diamond drill hole tails are still to be assayed (20% of the total drill program)

Doubema Prospect (located 14km north of Konkera) - 66% of results recieved
Multiple zones have been identified over an area almost 1.2km across.

Best results from the latest drill program include:
10m @ 3.1g/t Au (from 50m)
3m @ 5.2g/t Au (from 30m)

Feasibility Update:
The Pre-feasibility has been delayed as a result of the new results, mainly because the potential for
Foumbiri and Doubema to add cheap-near surface ounces is likely to positively impact on the study outcomes.
No date has been revised for the release of the PFS, although this is likely to delay the startup of the project. We will endeavour to clarify AMX's timing of project milestones given this latest update. "