Ann: Ore Reserve and Study Progress Update, page-7

Two things worth noting from the update are the discount rate and the gold price used in the modelling.
A 5% discount rate is lower then the industry norm, which varies between 8-10%, if they had used a 8% discount rate the NPV and IRR would have been lower.
Secondly is the gold price, $1300 is roughly where the USD gold price is currently trading. If it was to go lower into the $1200-1300 range, it would also put downward pressure on the NPV. I personally think the USD gold price is headed higher over the longer term but very hard to predict short term.
I think the lack of excitement today is partly due to the LOM production which is reported to average around 87000oz, the market I think would have liked to have seen over the 100 000 LOM mark. I think this is still possible given the amount of drilling still to come this year,
With their recent drilling success I wouldn't be surprised if they have another big find at some point over the year.
Overall AZM is still undervalued IMO and will steadily move higher with a rising USD gold price and further discoveries.