Ann: Oposura Scoping Study, page-2

Yep good Oposura scoping study release, I cant fault it. 

Short payback, very strong IRR, conventional mining and processing practices, low sensitivity to opex costs - all good.

The uplift from Capex input $70M to NPV$112M is Ok, but modest. Its just a small to modest mine, that is the only issue, another couple of years of mine life or higher mining rate would have been great. The market just doesn't get excited with these small mining projects. The funds don't like them as they are higher risk.

So now more expenditure on drilling and Feasibility Study. And $20M equity raising at least for the equity component of the capital cost. It will be a big dilutive impact when it comes.

Still think the brownfields exploration is the key here - any new near mine resources will be great value adding -  but AZS don't seem to be playing it up at all.

I have previously referred to SUP's Zn project as an interesting comparison. Their recent Feasibility Study shows US$75M capex (8% discount rate) for $160M NPV(10% discount rate). Very similar operating costs. The SUP project is economically stronger. 

And SUP did not get a market reaction to their release either. 

Gosouth