AUSTRALIA
MOY.AX
0,05 AU$
0,00%
(MOY.ASX) | Price = 29.5c | Target = 40c | Valuation up due to drilling productivity at Nullagine |B
Publié le 13 novembre 2016
Continued exploration success at Nullagine |
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On 3 November, MOY reported further good exploration results at 3 different areas, 2 of which do not have a Resources estimate and the third had its maiden Resources estimate in the September upgrade. Intersections included :
- 20m at 2.51g/t gold from 28m;
- 6m at 5.73g/t from 52m;
- 8m at 2.03g/t from surface; and
- 4m at 2.75g/t from 4m.
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MOY is adding low cost Reserves |
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MOY has had 2 Reserves upgrades during 2016. These show that :
- In the 9 months to 30 September, MOY invested $9.47m to add 2,516kt grading 1.59g/t, for 128koz to Reserves, including processing of 1,477kt grading 1.47g/t for 70koz into the mill and 66koz of gold produced; and
- In the 6 months to 30 September, MOY invested $6.85m to add 2,013kt grading 1.62g/t, for 105koz to Reserves, including processing of 970kt grading 1.48g/t for 46koz into the mill and 43koz of gold produced.
Hence, the cost of these additions to reserves were :
- $3.8/t of Reserves or $A 74/oz, for the 9 months; and
- $3.4/t of Reserves or $A 65/oz over the last 6 months.
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Low cost of adding Reserves raises Beer & Co�s valuation |
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A key part of Beer & Co�s valuation has been that MOY adds 2.0Mt to reserves, now grading 1.6g/t, for an annual investment of $10m.
This is a cost of $5.0/t or $A 97/oz.
Revising our assumption to a cost of $4.0/t or $A 78/oz raises out valuation to 40c/share.
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Beer & Co raises our recommendation on MOY to BUY |
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The premium of our valuation to the share price warrants a BUY.
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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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