AUSTRALIA
MOY.AX
0,05 AU$
0,00%
(MOY.ASX) | Price = 28c | Target = 30.5c | Increasing Reserves and mine life |Accumulate | High Risk
Publié le 01 novembre 2016
MOY�s quarterly report : setting up the future |
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MOY reported production of just over 20koz at an AISC of $A 1249/oz. Year to date total nearly 66koz at an AISC of $1211/oz. Guidance for 2016 remains 80 � 85koz at $A 1180 � 1220/oz.
MOY processed 508kt of ore grading 1.32g/t, which is the lowest feed grade ever reported by MOY. MOY moved over 1.4m BCM of material, which is more 40% more than the previous greatest volume in a quarter, and 58% above the average.
This indicates that during the quarter, MOY focussed on development and kept the mill fed from low grade stocks.
Click here for report :
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MOY increases Resources and Reserves |
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MOY has invested $6.85m in exploration and evaluation since its previous Resource and Reserves estimate at 31 March. After allowing for 47koz of gold mined, MOY increased Resources by 116koz to 1192koz, and Reserves by 24koz, or $A 95/oz of Reserves.
Total Reserves comprise 3.95Mt at 1.45g/t; excluding stockpiles, Reserves total 3.3Mt at 1.58g/t.
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Beer & Co has revised our risked, based case valuation to 30.5c/share. |
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MOY continued to report many good results from its drilling.
Beer & Co�s revised valuation assumes :
- Gold price US$ 1,300/oz, at AUD-USD rate 0.750; and
- MOY invests $10m for each of the next 7 years to find and develop 2.0Mt of reserves, compared with 1.4Mt in the last 6 months, at an average grade of 1.6g/t.
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Beer & Co affirms Accumulate recommendation. |
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The MOY share price has, over the last 2 months or so, closely tracked the gold price. Beer & Co is positive on the gold price.
Our valuation is above the share price. Our valuation should rise as Reserves increase. Beer & Co affirms our Accumulate 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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