Monday morning valuation check with spot gold $4,000!
Contained metal (Indicated):
Au: ~415,000 oz
Cu: ~197.9 M lb
Zn: ~490.1 M lb.
MINING.COM
Price & recovery assumptions used (illustrative)
Au: $4,000/oz, 76% rec (per user’s MRE ref)
Zn: $1.25/lb, 88% rec (per user’s MRE ref)
Cu: $4.00/lb, 93% rec (SRK/ProcessIQ assumption cited by the company in June 24 release).
Payable metal value (Indicated only)
Gold: 415k oz × $4,000 × 76% = $1.261B
Zinc: 490.1M lb × $1.25 × 88% = $0.539B
Copper: 197.9M lb × $4.00 × 93% = $0.736B
Total (Au Zn Cu): ≈ $2.54B.
Market vs. in-situ
Market cap: ~$63M
In-situ (payable @ assumptions): ~$2.54B
Ratio: ~$2,540M ÷ $63M ≈ 40×
So for every $1 of market cap, Kay (Indicated only) holds ~$40 of Au Zn Cu value at these prices/recoveries.
What this excludes:
Sugarloaf Peak
Lead & silver credits
All inferred
Future discoveries (Kay remains open)
Per-share scenarios (Indicated Au Zn Cu only)
Current: $0.44/share (~2.5% of contained value)
5% of contained value: $0.89/share
10%: $1.77/share
20%: $3.54/share
AMC is trading at just a fraction of what peers typically command (10–20% of in-situ).
Congrats to new buyers at these levels!
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