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Aurelia Metals (AMI) has just become Australia's newest low-cost, gold and base metals producer - on time and on budget

Canaccord Genuity

Stockbroker

Aurelia Metals (AMI) has just become Australia's newest low-cost, gold and base metals producer - on time and on budget. Annual production is at a rate of 40,000 ounces of gold, 18,000 tonnes of zinc&lead, and 12,000 tonnes of copper. The value of this is equivalent to 100,000 ounces of gold per annum. Its production costs (AISC) are a remarkably low $800/ounce once you factor in the base metal credits. A 20% fall in the Aussie Dollar relative to our assumptions pushes our valuation from $0.56 to just under $1.00. There is also potential for a meaningful resource upgrade: page 12 of the report illustrates the numerous high-grade drill results since the last resource update. It's worth pointing out that this project is along strike from the very long life CSA mine, which just keeps going at depth, and looks very similar in structure to Aurelia's assets. Gary Watson initiated recently with a BUY rating, and the price target is now $0.56, versus last traded price of $0.32. It's safe to say we are excited about this one: (VIEW LINK)


Canaccord Genuity
Canaccord Genuity
Stockbroker
Stockbroker

Canaccord Genuity Group is a leading independent, full-service financial services firm. Canaccord Genuity has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual,...

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