Hardman & Co Research
Hardman & Co Research: Anglo Asian Mining (AAZ): Small-cap gold miner with
bigger-cap prospects
09-Jun-2020 / 10:15 GMT/BST
Hardman & Co Research: Small-cap gold miner with bigger-cap prospects
AAZ is a highly cash-generative gold miner from four mines in Azerbaijan,
where it enjoys close ties to the government. We estimate current-year free
cashflow and dividend yields of 19.3% and 6.8%, respectively. The estimated
aggregate free cashflow of $248.5m in 2020-30 should comfortably exceed the
current market cap. In 2020, we expect AAZ to announce resource upgrades for
its Gedabek open pit, Gadir and (potentially) Ugur mines, with a maiden
estimate for the Gedabek underground mine in 2021. Behind them come five
fast-track production targets (including Avshancli - a "significant mineral
district") at Gedabek and the Ordubad Contract Area (AAZ's primary asset at
the 2005 listing).
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/small-cap-gold-miner-
with-bigger-cap-prospects/ [1]
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(END) Dow Jones Newswires
June 09, 2020 05:15 ET (09:15 GMT)
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