AZM - Azumah Resources

[Gryphonik]

found stability for the past few months, and made a murmur of pushing back up - but appears locked to .11 to .13 currently... FS absolutley belted... seems to be serious doubt this will ever get off the ground (or out of it) now...

 

[Sean K]

Oh dear, market has slammed them. For what? Ghana taxes? Not progressing quick enough? No trust in debt market? No new discoveries? Poor communication? Water? Looking tenuous. In the least.

 

[Althom]

<30% conversion resource to reserve - market expects 50-60%. Indicates insufficient drilling. Seems no focus on project development and too much focus on selling a story

 

[Sean K]

<30% conversion resource to reserve - market expects 50-60%. Indicates insufficient drilling. Seems no focus on project development and too much focus on selling a story

And perhaps getting off track by buying into those other companies when the effort should have been on infill drilling and improving what is a known resource. I think the other factors mentioned are significant though. Maybe just bad timing. They needed something in development about 5 years ago before POG spiked.

 

[Sean K]

AZM really tanking. 9 cents, just keeps sliding. 2 year chart a shocker. Anyone see a potential turnaround story, or are they doomed?

 

[Sean K]

AZM really tanking. 9 cents, just keeps sliding. 2 year chart a shocker. Anyone see a potential turnaround story, or are they doomed?

This could be one of the worst charts on the market. Thank God I bailed at the right time, when they still looked prospective. What a turkey over the past 2 years. What have they done wrong? Well, I think way too slow to get to DFS. Their Reserves were underwhelming. And, went off investing in other companies as 'strategic' investments. Just what is the relationship between Castle and Azumah? Any links to Croesus?

 

[Sean K]

I wonder how much of a bottom that dip to 7c was? A few strong bars over the last week or so, but no volume. I don't know how anyone has held on at these levels. They need another discovery around Bepkong I think. Otherwise they may not get there...

 

[Sean K]

I wonder how much of a bottom that dip to 7c was?

I think I know why 7c was a 'bottom'. With 334m on issue at .07c = $23m MC. They have $16m in cash and investments that puts the delta at $7m and their 1.7m ounces at just over $4 an ounce. I guess it's oversold down there...

 

[Sean K]

I reckon someone let the cat out of the bag a week or so ago. Don't like leaky ships.

Resources significantly upgraded, but I don't think it was expected at this point. Maybe I've stopped following closely enough.

Still, at this time in the cycle, depending if you're gold stronger for longer, they need considerably more tonnage at these grades. Like GRY, may have missed the boat.

FS due Q2. Wasn't that due 2 years ago?

Too slow AZM!

 

[Althom]

be interesting to see how much of that new resource translates to reserve. I suspect not much.

 

[Althom]

I reckon someone let the cat out of the bag a week or so ago. Don't like leaky ships.

Resources significantly upgraded, but I don't think it was expected at this point. Maybe I've stopped following closely enough.

Still, at this time in the cycle, depending if you're gold stronger for longer, they need considerably more tonnage at these grades. Like GRY, may have missed the boat.

FS due Q2. Wasn't that due 2 years ago?

Too slow AZM!

FS still under review! Time for a change of MD

 

[greggles]

Huge gap up this morning for Azumah Resources after announcing "spectacular" gold intercepts at the Kunche deposit at the company's Wa Gold Project in Ghana.

The details:

• KRC831 returns continuously mineralised intercept of:

• 44m at 5.37 g/t Au from 99m (0.5g/t Au cut-off)​

• Includes two high-grade zones comprising (1.0g/t Au cut-off):

• 6m at 3.33g/t Au from 99m; and
• 27m at 7.86g/t Au from 116m; incl.

• 20m at 10.27g/t Au from 120m; and
• 1m at 144g/t Au from 137m​

AZM is currently up 95.65% to 4.5c after closing at 2.3c yesterday.

 

[Sean K]

AZM managers look like they've been 'mining the market' as opposed to actually developing a mine. The resources are in the ground and they've been sitting on their hands for over 10 years. I was gutted that I missed that spike up to 80c but glad I didn't get stuck without a chair. The next FS is due in Q3 this year. About 10 years after the BFS was supposed to be complete. Keeping an eye on any drilling updates.

 

[Clansman]

AZM managers look like they've been 'mining the market' as opposed to actually developing a mine. The resources are in the ground and they've been sitting on their hands for over 10 years. I was gutted that I missed that spike up to 80c but glad I didn't get stuck without a chair. The next FS is due in Q3 this year. About 10 years after the BFS was supposed to be complete. Keeping an eye on any drilling updates.
View attachment 95767

Naming the company after Ghana's greatest ever boxer isn't exactly any sort of blueprint for success on the ASX.

 

[Althom]

Takeover offer in. Ibaera unlikely to proceed to development so will be interesting to see who ends up with the assets.
A lot of wasted opportunities.

 

[Althom]

And perhaps getting off track by buying into those other companies when the effort should have been on infill drilling and improving what is a known resource. I think the other factors mentioned are significant though. Maybe just bad timing. They needed something in development about 5 years ago before POG spiked.

Feas should have been done and dusted in 2011 but instead we've just had the same quarterly one after the other - "Next quarter we'll be updating the Feasibility Study"

 

[Althom]

Here we go again.
"The scheduled completion of the updated Project Feasibility Study early in 2020"

 

[Sean K]

Here we go again.
"The scheduled completion of the updated Project Feasibility Study early in 2020"

Yep, these guys a model for the climate alarmists. Just keep putting out statements saying that in the next x number of years something will happen, but, NADA. Joke.

 

[rederob]

Yep, these guys a model for the climate alarmists. Just keep putting out statements saying that in the next x number of years something will happen, but, NADA. Joke.

Good that you do not post in the threads to do with climate, because you never did know much about it.
On topic, AZM has very little cash, and no present financing facility, so will require a very large capital raising if it is ever to proceed. The takeover offer gives it a chance, and often there is a subsequent small increase to the initial offer, so maybe there is fractional upside.
Not a stock I was ever interested in, but if I had shares I would be accepting the offer price.

 

[Althom]

Yep, these guys a model for the climate alarmists. Just keep putting out statements saying that in the next x number of years something will happen, but, NADA. Joke.

Feas was 90% there at end of 2010 for a smaller project that could have provided the cashflow for ongoing exploration and expansion a la the Adamus Resources story.