Millennium Minerals Limited

Published : February 22nd, 2016

(MOY.ASX) | Price = 9.7c | Target = 20c | MOY guides higher=3B earnings and valuation up | Strong BU

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MOY guidance for 2016 : 80 � 85koz, at $A 1180 - $A 1200/oz

  For 2015, Moy produced 91,462oz at an AISC of $A 1175/oz. This compares with original guidance, in March 2015, of 72 � 75koz at $A 1275 - $A 1325/oz.

MOY�s out-performance was a result of cost management, throughput achieved and ore grade; achieved ore grade was 1.78g/t, compared with expected / reserve grade of 1.55g/t.

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MOY�s guidance increases Beer & Co�s earnings and valuation

  Beer & Co�s original estimated was based on MOY�s reserves. We expected that, just as in 2015, MOY would process material at higher than reserve grade.

Beer & Co�s original estimate was for 79,465oz to be produced, from an average ore grade of 1.41g/t, at an AISC of $A 1246/oz. Our resulting earnings estimate was $A 15.6m, or 2.1c/share.

Beer & Co now increases our expected average ore grade for 2016 to 1.46g/t, giving an AISC of $A 1206/oz and earnings of $19.1m or 2.6c/share.

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Drilling results show further upside potential

  On 22 February, MOY announced significant width above reserve grades, near present mining activities. MOY is able to process this material into gold before it is factored into reserve estimates.

Beer & Co expects that MOY will continue to deliver results like this given the prospectivity of its tenements and $10m invested in drilling each year.

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Beer & Co�s valuation raised and recommendation affirmed

  MOY�s guidance raised Beer & Co�s earnings, from 2.1c/share to 2.6c/share for 2016, and risked valuation form 19c to 20c/share.

Beer & Co�s risked, base case, valuation is 20c/share assuming spot gold prices and AUD-USD rate, and oil prices in 2017 rising (to $50/bbl in 2017).

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

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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 Facebook      

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Millennium Minerals Limited

CODE : MOY.AX
ISIN : AU000000WTE9
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Millennium Minerals is a gold exploration company based in Australia.

Millennium Minerals holds various exploration projects in Australia.

Its main exploration properties are MILLENNIUM MOLYBDENUM and COOKES CREEK (NULLAGINE) in Australia.

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Annual reports of Millennium Minerals Limited
Annual report 2007
Project news of Millennium Minerals Limited
7/11/2008(Millennium Molybdenum)Drilling of Key Targets to Commence at Millennium Molybdenum...
Corporate news of Millennium Minerals Limited
4/30/2008 Quarterly Activities Report
1/31/2008Repositions as Diversified Molybdenum and Gold Company
1/30/2008 December 2007 Quarterly Activities Report
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