AUSTRALIA
DRX.ax
0,03 AU$
0,00%
(DRX) | Price = 1.1c | Target = 7.2c | DRX =3A Cyclone DFS soon=3B Tick Hill =3A 22koz gold in Reso
Publié le 01 février 2016
Tick Hill : 21,800oz in Indicated Resources |
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DRX has announced an Indicated Resource of 21,800oz for the tailings dams at Tick Hill. Preliminary met testwork has given recoveries of over 95%.
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Cyclone Reserves increased |
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In April 2015, DRX announced an increase in Resources at Cyclone, to 211Mt, of which 155Mt was Measured.
In December, DRX announced that Reserves at Cyclone had been increased, to 140Mt, from 97Mt previously, increasing the mine life from 10 to 14 years.
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Cyclone Definitive Feasibility Study |
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DRX announced that final regulatory approvals are expected by March.
DRX is completing its DFS, which will lead to serious negotiations with end users to finance development of Cyclone.
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Revised DFS |
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Compared with the PFS, Beer & Co expects that all inputs will be lower :
- Beer & Co has revised our model for lower commodity prices and we now project gross annual revenue of US$ 128m, compared with US$ 168m previously in the early years;
- Oil prices are now much lower than the $95/bbl averaged for 2014, and Beer & Co now projects average annual Australian based operating costs of $A 69m, compared with $A 76m in October 2014;
- Our capital costs estimate is also lower, from $A 146m to $A 127m.
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Beer & Co conclusions |
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Beer & Co assume that DRX sells a stake in the Cyclone to assist in the financing of its development. This value will depend on commodity prices assumed in that assessment.
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Beer & Co conclusions |
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Beer & Co expects the major driver of the DRX share price will be the conclusion of an investment agreement. However, there is a very high risk around our valuation. We affirm our BUY, High Risk recommendation.
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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au |
Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au  |
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