It's not a PFS, page-2

First 2 Last

Share
Profile

Follow
Monny

132 Posts.

33

22/05/18

01:04

Post #: 33242981
Share

Originally posted by Hahndoe ↑

AMN doesn't actually have a PFS as far as I can see

- AACE Class 4 is used for pre-feasibility studies but if you look at Table 1 of '47R-11: Cost Estimate Classification System" it states the Maturity Level is the "sole determining characteristic of Class". The table shows Class 4 is 1% to 15% complete and typically used for screening (just above conceptual).

- A PFS must use reserves as stated in the JORC. AMN's PFS highlights multiple times in bold in the tables at the end that no reserves have been stated. So this is not a PFS!

- A mining lease requires a JORC resource as stipulated under s74 of the Mining Act. Foreign codes are not acceptable, i.e. AACE Class 4

- The Competent Person Statement states a key risk is the conversion from resource to reserve, which AMN hasn't done in this PFS. Then goes on to discuss the mineral resource, sampling etc.

- The Competent Person Statement does not include anything to do with financial feasibility of the project. Advisian prepared the study but where is their technical report outlining the methodology of how they came to their conclusions?

- Cautionary Statement - The Pre-Feasibility Study results, production target and forecast financial information referred to in this ASX Release are supported by the Pre-Feasibility Study mine plan which is based on the extraction of Mineral Resources that are classified as Indicated. There is no certainty that further exploration work and economic assessment will result in the eventual conversion of Mineral Resources to Ore Reserves or that the production target itself will be realised. So how did they prepare a PFS based on JORC without reserves, where's the supported mine plan, and can they ever obtain a mining lease or PFS when they can't confirm reserves at this stage?

- AMN wrote the forward looking statement (Table 16) which outlines Advisian's mine plan? Where's Advisian's mine plan - I WANNA SEE IT - their copy of it, with their logo, and their signature at the bottom!!!!

Summary: Competent Person only discusses the resource, no reserves were converted from the resource but they released a PFS anyway, the AACE estimate is a scoping study and worthless, and the mine plan prepared by Advisian (the Worley Parsons division) has not been attached.......

It's hard to understand how ASIC has not sent them a please explain...

Expand

Nailed it Hahn. Had also been looking into the reserve and reckon this is a MAJOR issue!

The incompetence of ASIC is laughable so unlikely to see any action from over there, but a few insto's could well be interested parties....

AMN Price at posting: 90.0¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

LPE

Sales growth pushes Lovisa's fortunes (and shares) upwards

GRL

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

DUI

Panic, paranoia, and gangland politics: HotCopper users react to Dubber's missing $26M

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

HotCopper Highlights: Your most watched stocks for Week 47, 2024

PYC

Scientific conference spotlights PYC's work on blindness disease treatment

SIG

Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Week 47 Wrap: HotCopper users' most watched; Brent lifts on Putin's scary letter; RFK dents CSL

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

There are more pages in this discussion • 22 more messages in this thread...

First 2 Last

Add AMN (ASX) to my watchlist

(20min delay)
Last 14.0¢		Change -0.005(3.45%)		Mkt cap ! $60.70M

Open	High	Low	Value	Volume
14.5¢	14.5¢	14.0¢	$9.437K	67.18K

Buyers (Bids)

No.	Vol.	Price($)
1	86515	13.0¢

Sellers (Offers)

Price($)	Vol.	No.
14.0¢	13510	1

View Market Depth

No.	Vol.	Price($)
1	5555	0.180
1	30979	0.175
5	69411	0.170
2	106061	0.165
2	18611	0.160

Price($)	Vol.	No.
0.190	10525	1
0.195	28699	1
0.200	10206	2
0.205	15888	2
0.210	8238	1

Last trade - 12.49pm 22/11/2024 (20 minute delay)

AMN (ASX) Chart

It's not a PFS, page-2

Top Stories

Sales growth pushes Lovisa's fortunes (and shares) upwards

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Panic, paranoia, and gangland politics: HotCopper users react to Dubber's missing $26M

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

HotCopper Highlights: Your most watched stocks for Week 47, 2024

Scientific conference spotlights PYC's work on blindness disease treatment

Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Week 47 Wrap: HotCopper users' most watched; Brent lifts on Putin's scary letter; RFK dents CSL

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Buyers (Bids)

Sellers (Offers)