Actually the Snowden number os 2.4m oz, to which AZX have added back the CSA number for Gibraltar and the ounces in laterite dumps to give the total 2.6m oz which is in line with the prior JORC at 0.5g/t cut-off.
And in your EV calcs, you included A$6m cash for AZX, which on the last quarterly update was actually (from memory) $3.7m and you missed the AZX shares held by GGG in their EV calc.
I don't think the in-fill drilling is going to increase the resource, just move more into indicated.
But the explo drilling (a small part of current programme) may increase the overall resource - altough i think 4m oz is optimistic. Over 3m oz by year end would be a good result.
Finally, AZX management have quite "loose tongues" with JL on record as saying the Phase 1 drilling would lead to a 1m oz reserve. That hasn't been met - in fact no reserve at all at this stage. So, his expectations of 1.5-2m oz reserve have to be taken with a large pinch of salt. Note GGG's more conserviatve stance in thir release on this matter.
What they really need to do now to drive value is solve the management and ownership structure issues, and of course, AZX needs some cash.
AZX Price at posting:
45.9¢ Sentiment: Hold Disclosure: Not Held
