Itinerant • Fri, Nov. 28
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Update: Lydian International Awarded Mining LicenseItinerant • Fri, Nov. 28
- Mining license for the Amulsar project awarded.
- Represents major milestone and should lend support to the project.
- Our view of a less attractive project after a revised FS remains unchanged.
- Lydian International has received the mining right from the Armenian government.
- This wasn’t unexpected but it’s good to see final confirmation, especially as the first mine plan was rejected by the government.
- The investment thesis will be impacted as the updated mine plan has worse economics compared to the first version.
Lydian International Is Back To Where It Was Last Year, Although With A Less Attractive Project.
- The new feasibility study for the Amulsar project has been released.
- The economics are less attractive than the original project.
- The share price might remain under pressure for some time.
- Inferred in-pit resources represent tangible upside.
Update: Lydian International Announces Updated Feasibility StudyThe Investment Doctor • Thu, Sep. 11
- Lydian International has released the findings of an updated feasibility study at Amulsar.
- The updated study was expected, but the economics are disappointed.
- This will very likely change my investment thesis as the IRR and NPV are lower than expected.
Lydian International - Moving Towards Production In Armenia
- Lydian tumbled last year when its planned leach pad was suddenly in a 'forbidden zone,' however, everything has been straightened out now.
- As the grade at Amulsar is very good for a heap leach operation, its economics are superior as the AISC is just $750/oz.
- Keep in mind the official mine plan takes only half of the currently known resources into consideration, so there's a lot of additional potential.
- Throw in the fact the Amulsar mineralization is open in ALL directions and at depth, and you realize this project could be massive further down the road.
- I might initiate a position on further share price weakness.
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