We need resource upgrade, page-4

Shares diluted: ............................................438 mil
Guesstimate of forward earnings:...............$22 mil (IMO)
Guesstimate of EPS.....................................5c( approx)
Current share price.....................................24c
P/E...............................................................4.8
Mine life as per reserves last June...............3 yrs (needs to be at least 5 years to justify current SP)

IMO the P/E ought to be the same as LOM which would make the SP 15c

OR, the reserves would have to be boosted to 250k ozs to deserve the current 24c SP.
(perhaps someone more knowledgeable than me could have a shot at guesstimating
the reserves of the north pod. Keep in mind that it will cost $s to get in there)

So, IMO, the company has to deliver soon on the reserves upgrade ; otherwise investor fatigue
could see the SP retrace to 15c. Next July is not soon enough, IMO.

At this stage the copper deposit is likely to take years to be cashflow positive which adds
little value to the SP which has not been already added, IMO.

At this stage, AMI is working out OK for management , staff & contractors but leaving the future bleak for shareholders, IMO.

Recent downturn in SP supports this argument, IMO.

What do others think?