Altura Mining Ltd.

MLs granted; Mining Proposal Lodged

DFS September. Construction in December.

Product in 13 � 14 months

BBeer & Co�s risked valuation 32c/share, with strong upside

Beer & Co conclusions

Keywords : Australia | Coal | Delete | Lead |

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AJM announced that it has been granted the 2 Mining leases (MLs) on which its Pilgangoora project is based.

AJM has now lodged its mining proposal which it expects to be granted in December 2016.

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AJM expect to announce the results of their DFS soon.

AJM has a Binding Off-take Agreement (BOA) for about half of the expected production, and a non-binding MOU for the other half.

AJM needs to convert the MOU into a BOA, or provide some other sales certainty, to be able to secure the finance, following completion of the DFS, so that project construction can begin in December.

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AJM has already ordered some long lead time items, giving confidence of first product by October 2017.

Click here for AJM initiation research report :

Beer & Co�s valuation is driven by the high grade reserves at Pilgangoora; we assume spodumene at current levels for about 5 years, and then falling to $475/t FOB for benchmark 6.0% Li2O.

Beer & Co has given zero value to AJM�s coal interests; even though the Newcastle thermal coal price is now about $70/t, up 40% since the start of 2016, when it was $50/t. Coupled with operational improvements, Beer & Co expects AJM�s coal to now have a meaningful value, though slight in AJM�s overall context.

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AJM is progressing its Pilgangoora project, working through permitting.

There are still more �boxes to be ticked�, but this is being progressed.

Beer & Co affirms our recommendation of Strong BUY, High Risk.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

Copyright 2015 beerandco.com.au, All rights reserved.
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	EXPLORATION STAGE
	CODE : AJM.AX
	ISIN : AU000000HDN5

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Altura is a gold and iron development stage company based in Australia.

Altura produces gold, iron, tantalum in Australia, develops lithium in Australia, and holds various exploration projects in Australia, in Canada and in Indonesia.

Its main asset in production is BALD HILL in Australia, its main asset in development is PILGANGOORA in Australia and its main exploration properties are SHOOBRIDGE, BALLINE and YALLABURRA in Australia and TABALONG COAL PROJECT in Indonesia.

Altura is listed in Australia. Its market capitalisation is AU$ 33.9 millions as of today (US$ 24.5 millions, € 21.5 millions).

Its stock quote reached its lowest recent point on May 01, 2015 at AU$ 0.01, and its highest recent level on January 05, 2018 at AU$ 0.51.

Altura has 1 541 280 000 shares outstanding.

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