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KRO Company Profile

Arizona Mining Inc (AZ-T)

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Arizona Mining Inc is the successor to AZ Mining Inc as of Oct 28, 2015, which changed its name from Wildcat Silver Corp on June 5, 2015. Wildcat moved onto the TSXV from the CSE on Sept 3, 2008 after spinning out Ventana Gold Corp on a 1:1 basis on Dec 14, 2006 so that it could focus on its Hermosa project (formerly Hardshell) in Arizona near the Mexican border. A TSX listing was obtained July 19, 2011. In Dec 2013 Arizona Mining released a PFS for a 12,500 tpd open-pit mine targetting the oxidized Central zone (formerly Manto Oxide) of 54.2 million tonnes of 75.6 g/t silver and 1.79% zinc with minor manganese and copper credits that relied on base case prices of $23.50 silver and $0.92/lb zinc. After $40 million expenditure Hermosa-Central turned out sub-economic. In 2014 the junior drilled the skarn sulphide mineralization at the base of the pit and found a major northwest dipping carbonate replacement deposit for which an inferred resource of 39.4 million tonnes of 4.48% zinc, 4.48% lead and 66.91 g.t silver at 6% Zn eq cutoff grade was reported in Feb 2016. The Hermosa-Taylor zone is the new focus for the junior as a potential major high grade underground zinc-lead-silver mine. During 2015 AZI acquired a key set of patented claims covering the projection of the Hermosa-Taylor deposit. The cost was the assumption of environmental remediation laibiltiies; the goal is to use these claims for mine infrastructure development that is not subject to the Forest Service permitting regime. In October 2016 AZ updated its resource estimate as 103.3 million tonnes of 4.3% zinc, 4.6% lead, 71.7 g/t silver indicated and inferred at 4% zinc equivalent cutoff. Hermosa-Tyalor has sufficient ore to support a 10,000 tpd underground mine using a shaft; the company is pursuing scenarios that would allow underground access by ramp which would boost the operating rate potential. The goal is to deliver a PEA in Q2 of 2017.Arizona Mining Inc is headed by chairman Richard Warke and CEO/President Jim Gowans appointed in 2015. COO Don Taylor is the driving force behind the new discovery.
Trade DateVolumeHighLowCloseChgStatus
April 28, 2017299,300$1.91$1.86$1.89$0.05Trading
Milestone Timeline
ProjectProgramStartEndMilestone
Hermosa-TaylorEconomic Study - PEA2016 Q1 Late February2017 Q1 Late MarchComplete PEA for10,000 tpd underground mining operation.
Hermosa-TaylorTarget Testing2016 Q4 October2016 Q4 Late DecemberStart drilling targets on unpatented Forest Service claims, including potential copper skarn targets outside the zinc-lead-silver CRD footprint.
Hermosa-TaylorEconomic Study - FS2017 Q2 Early April2017 Q4 Late DecemberInitiate feasibility study with delivery by year end goal.
Basic Info
Listed On:TSX: AZ9/3/2008Sector:ResourceKey People
Issued:249,666,63012/31/2016Story Type:Emerging Zinc DiscoveryJames K. Gowans (CEO), Richard W. Warke (Chair), Paul J. Ireland (CFO), Donald R Taylor (COO)
Diluted:292,234,031
JK Owns:No
Insider Stake:34%5/19/2016Tel:(604) 687-1717
Working Capital:$16,207,70012/31/2016Email:Address
Market Cap:$471,869,931
Web Site:arizonamining.com999 Canada Place, Suite 555, Vancouver, BC, V6C 3E1, Canada
Cash Breakup:$0.06per shTwitter:
Corporate Change History


#Old for NewLast PricePrior NameSubsequent NameDetails
Jul 19, 2011New Exchange Listing1:1$2.39Wildcat Silver Corp (WS-V)Wildcat Silver Corp (WS-T)
Jun 5, 2015Name Change1:1$0.48Wildcat Silver Corp (WS-T)AZ Mining Inc (AZ-T)
Oct 28, 2015Name Change1:1$0.26AZ Mining Inc (AZ-T)Arizona Mining Inc (AZ-T)
Ranking within Company's Price Range based Group
All KRO as of Apr 28, 2017Group MedianCompanyPercentileScore
Price Range:$1.51-$2.00Issued:82,888,788249,666,6300.0%28.0%
Price Group Total:25Working Cap:$14,796,541$16,207,70056.0%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a member ranks higher than. Note that issued and WC reflect latest financials.
Open Recommendation: see Status - Members Only
History of Past Recommendations
Edition Date Price
Recommendation Gain
SV2016 3/4/2016 $0.46 Good Relative Spec Value Buy @ $0.46 0%
SV2016 10/31/2016 $2.84 Fair Relative Spec Value Hold @ $2.84 517%
SV2016 12/12/2016 $3.11 Fair Relative Spec Value Hold at $3.11 576%
SV2016 12/30/2016 $2.45
SV Edition Rollover Closeout 433%
Charts & Financing Activity

 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Jul 3, 2009 Wildcat Silver Corporation PP 10,000,000 $0.300
Units $3,000,000
May 20, 2010 Wildcat Silver Corporation PP 2,000,000 $0.500
Units $1,000,000
Oct 5, 2010 Wildcat Silver Corporation PP 10,000,000 $0.500
Units $5,000,000
Apr 12, 2011 Wildcat Silver Corporation PP 10,000,000 $1.300

$13,000,000
Capital
Financials Dated: December 31, 2016 Reporting Period: 12 months Year End: 12/31 Currency: USD
Assets Liabilities Income
Cash Equivalents: $19,236,855 Current Liabilities: $3,508,571 Operating Revenues: $0
Receivables etc: $479,416 Tangible LT Debt: $5,179,504 Operating Cash Costs: $0
Current Assets: $19,716,271 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$105,478,978Total Liabilities:$8,688,075Operating Non-Cash Costs:$0




Miscellaneous Revenue:$0
Total Assets: $125,195,249 Share Capital: $167,896,865 Cash Expenses: $1,938,174


Shareholder Deficit: ($51,389,691) Non-Cash Expenses: $693,565
Working Capital: $16,207,700 Net Shareholder Equity: $116,507,174 Total Expenses: $2,631,739




Overall Cash Flow:($1,938,174)
Monthly Overhead:$161,515

Net Income (Loss):($2,631,739)

Note:
Structure & People
Directors, Officers and Employees: 84,428,433 33.8% AGM: April 22, 2016
Other Insiders: 0 0.0% People Tree Available
Past Reported Shareholders: 45,448,577 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
James K. Gowans Engineer 11/5/2015 CEO & President 700,000 0.3%
Poonam Puri Academic 5/27/2015

0 0.0%
Donald R. Siemens Consultant 8/15/2014

0 0.0%
Donald R Taylor Geologist 5/12/2010 COO 541,930 0.2%
Robert P. Wares Geologist 5/5/2006

3,514,984 1.4%
Richard W. Warke Mining Excutive 7/3/2008 Chairman 79,671,519 31.9%
Paul J. Ireland Accountant 1/1/2014
CFO 0 0.0%
Charles Magolske
12/20/2010
VP Corp Dev 0 0.0%
Purni Parikh Broker (Pro) 1/1/2014
Corporate Secretary 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
R. Stuart Angus Lawyer 5/5/2006 6/29/2015 6/29/2015
Director 17,648,621
John R. Brodie Deceased 7/3/2008 2/27/2013 2/27/2013
Director 10,000
Donald B. Clark
2/27/2006 8/15/2014 8/15/2014
Director 6,200,000
Gilmour Clausen Mining Excutive 12/20/2010 6/29/2015 6/29/2015
Director 1,219,956
Front Street Investment Management Inc Fund Manager 10/5/2010


Placee 10,000,000
Chris Jones
11/19/2008 5/7/2012 5/7/2012
Director 370,000
Johnny Pappas Engineer 11/23/2015 4/22/2016 4/22/2016
Director 0
Silver Wheaton Corp Public Company 4/12/2011


Placee 10,000,000
Sean Zaboroski Lawyer 12/10/2009 6/29/2015

CFO 0
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:March 4, 2016Start Price:$0.46
KRO 2016 Spec Value Hunter Index:
Membership Start Date:December 31, 2015Start Price:$0.33
KRO 2016-17 Bottom-Fish Index:
Membership Start Date:December 30, 2016Start Price:$2.45
KRO 2017 Spec Value Hunter Index:
Membership Start Date:October 18, 2013Start Price:$0.43
KRO Silver Developer Index: Silver Developer Index eligibility requires the company to have published an economic study for a project that has silver as its primary metal and which is the company's main focus. A company is also eligible if it has not published an economic study but is engaged in the advanced stages of developing a silver focused mine at any output level. Companies which achieve commercial production of at least 500,000 oz silver annually are frozen in the Silver Developer Index and added to the Silver Producer Index.
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Active Company Projects
ProjectCountryRegionNet
Interest
StageIPV $
MM

$100
UPV
$500

$2000
Target MetalsDeposit Style
Hermosa-TaylorUnited StatesArizona100% WI7-Permitting & Feasibility $552 Zinc Lead Silver CopperCarbonate Replacement
Hermosa-CentralUnited StatesArizona100% WI5-PEA & Metallurgy $552 Silver Manganese Copper Zinc LeadManto
NosenoGuyanaGuyana100% WI1-Grassroots $552 Gold
Patagonia/SunnysideUnited StatesArizona70% WI1-Grassroots $789 CopperPorphyry
Company Projects

Hermosa-Taylor Project
Hermosa-TaylorUnited StatesAZArizona5,648 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 3.00%
Ownership Terms: Arizona Mining Inc owns 80% of Arizona Minerals Inc, which it acquired from Richard R. Redfern on May 18, 2006 for 10.7 million shares deemed at $2.05 each. AZI owns 100% of what was then known as the Hardshell project for which Asarco generated a resource in 1984. AZI acquired Hermosa out of the Asarco LLC bankruptcy on March 14, 2006.The other 20% was owned by Diamond Hill Investment Corp, which also held a 2% NSR. Diamond Hill was owned by Tookie Angus until 2015 when Richard Warke emerged as the owner and now indirectly owns 20% of AZI and a 2% NSR on all the property. Silver Wheaton Corp acquired a right of first refusal on the sale of a silver royalty or stream on March 7, 2011 when it bought a private placement of 10 million shares at $1.30. On July 24, 2015 AZI acquired 300 acres of patented claims adjoining to the northwest of its 152 patented claims by assuming an environmental remediation liability estimated to cost US $2.6 million, plus put up a $2 million bond. These patented claims sit within a larger block of unpatented claims adminsitered by the Forest Service. (Hermosa-Taylor and Hermosa-Central are the same property. They are presented as separate because the earlier explored near surface Central oxide deposit is different from the newer underground sulphide Taylor deposit.) On Feb 29, 2016 announced deal to acquire 20% from Richard Warke for 40 million shares and 5 million warrants exercisable at $0.50 for 3 years.
Target Metals: Zinc Lead Silver CopperModel: Carbonate ReplacementStage: 7-Permitting & Feasibility
Implied Project ValueJK Dream Target$100 million$500 million$2 billionSpeculative Value
$552,322,319Not Rated
Milestone Timeline
ProgramStartEndMilestone
Updated Resource Estimate2016 Q1 Early February2016 Q1 Late JanuaryUpdated resource estimate - grade improvement and 50%-100% tonnage increase target.
Economic Study - PEA2016 Q1 Late February2017 Q1 Late MarchComplete PEA for10,000 tpd underground mining operation.
Target Testing2016 Q4 October2016 Q4 Late DecemberStart drilling targets on unpatented Forest Service claims, including potential copper skarn targets outside the zinc-lead-silver CRD footprint.
Economic Study - FS2017 Q2 Early April2017 Q4 Late DecemberInitiate feasibility study with delivery by year end goal.
Base Case Resource Estimates
Project Resource Estimate - Hermosa-Taylor
Oct 31, 2016NI 43-101G.Z. Mosher, P.Geo, AMC Mining Consultants (Canada) LtdCutoff: 4% Zn Eq Pb $0.90/lb, 95% rec, Zn $0.95/lb, 90% rec, Ag $20/oz, 85% rec
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources28,252,307$261/tZinc4.700%100.0%2,927,396,823 lb47%
Lead4.400%100.0%2,740,541,707 lb38%
Silver61.70 g/t100.0%56,044,990 oz13%
Copper0.100%100.0%62,285,039 lb2%
Inferred Mineral Resources75,067,331$268/tZinc4.200%100.0%6,950,724,733 lb41%
Lead4.700%100.0%7,778,191,964 lb39%
Silver75.40 g/t100.0%181,978,482 oz16%
Copper0.200%100.0%330,986,892 lb4%
All Categories Spot103,319,637$266/tZinc4.337%
9,878,121,556 lb43%
Lead4.618%
10,518,733,670 lb39%
Silver71.65 g/t
238,023,472 oz15%
Copper0.173%
393,271,931 lb4%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$27,455,159,1812.0%Zinc $1.19/lb, Lead $1.01/lb, Silver $17.23/oz, Copper $2.58/lb
Alternative Resource Estimate Scenarios
Project Resource Estimate - Hermosa-Taylor
Oct 31, 2016NI 43-101G.Z. Mosher, P.Geo, AMC Mining Consultants (Canada) LtdCutoff: 6% Zn Eq Pb $0.90/lb, 95% rec, Zn $0.95/lb, 90% rec, Ag $20/oz, 85% rec
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources20,211,970$323/tZinc5.800%100.0%2,584,440,116 lb47%
Lead5.300%100.0%2,361,643,554 lb37%
Silver75.40 g/t100.0%48,997,928 oz13%
Copper0.200%100.0%89,118,625 lb4%
Inferred Mineral Resources61,112,000$319/tZinc5.100%100.0%6,871,103,645 lb42%
Lead5.600%100.0%7,544,741,257 lb39%
Silver89.10 g/t100.0%175,066,045 oz15%
Copper0.200%100.0%269,455,045 lb4%
All Categories Spot81,323,970$320/tZinc5.274%
9,455,543,761 lb43%
Lead5.525%
9,906,384,811 lb38%
Silver85.70 g/t
224,063,974 oz15%
Copper0.200%
358,573,670 lb4%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$26,005,465,8912.1%Zinc $1.19/lb, Lead $1.01/lb, Silver $17.23/oz, Copper $2.58/lb

Hermosa-Central Project
Hermosa-CentralUnited StatesAZArizona5,648 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 2.00%
Ownership Terms: Arizona Mining Inc owns 80% of Arizona Minerals Inc, which it acquired from Richard R. Redfern on May 18, 2006 for 10.7 million shares deemed at $2.05 each. AZI owns 100% of what was then known as the Hardshell project for which Asarco generated a resource in 1984. AZI acquired Hermosa out of the Asarco LLC bankruptcy on March 14, 2006.The other 20% was owned by Diamond Hill Investment Corp, which also held a 2% NSR. Diamond Hill was owned by Tookie Angus until 2015 when Richard Warke emerged as the owner and now indirectly owns 20% of AZI and a 2% NSR on all the property. Silver Wheaton Corp acquired a right of first refusal on the sale of a silver royalty or stream on March 7, 2011 when it bought a private placement of 10 million shares at $1.30. On July 24, 2015 AZI acquired 300 acres of patented claims adjoining to the northwest of its 152 patented claims by assuming an environmental remediation liability estimated to cost US $2.6 million, plus put up a $2 million bond. These patented claims sit within a larger block of unpatented claims adminsitered by the Forest Service. (Hermosa-Taylor and Hermosa-Central are the same property. They are presented as separate because the earlier explored near surface Central oxide deposit is different from the newer underground sulphide Taylor deposit.) On Feb 29, 2016 announced deal to acquire 20% from Richard Warke for 40 million shares and 5 million warrants exercisable at $0.50 for 3 years.
Target Metals: Silver Manganese Copper Zinc LeadModel: MantoStage: 5-PEA & Metallurgy
Implied Project ValueJK Dream Target$100 million$500 million$2 billionSpeculative Value
$552,322,319Not Rated
Notes on Hermosa-Central Project
Hermosa has been renamed from its previous title of Hardshell and is a manganese-silver-zinc-copper-lead mineralized zone located 100 kilometres southeast of Tucson, Ariz., approximately 15 kilometres north of the Mexico border. The property was discovered in 1879 and was an operating silver mine between 1896 and 1964. Previous owners drilled 104 holes totalling 13,000 metres. In February, 2007, Wildcat published a positive preliminary assessment by Pincock, Allen & Holt which cited a substantial inferred resource of nearly 1.2 billion pounds of manganese along with 53.5 million ounces of silver (10.3 million tons grading 6.26 per cent manganese and 5.18 ounces per ton silver).
Base Case Resource Estimates
Project Resource Estimate - Hermosa - Manto zone
Aug 9, 2012NI 43-101Scott Wilson, Scott Wilson ConsultingCutoff:
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured Resource36,744,000$197/tSilver66.64 g/t100.0%78,726,173 oz19%
Gold0.09 g/t100.0%106,323 oz2%
Manganese7.120%100.0%5,767,614,865 lb53%
Zinc1.810%100.0%1,466,205,464 lb24%
Copper0.070%100.0%56,704,079 lb2%
Indicated Resources39,713,000$156/tSilver41.52 g/t100.0%53,013,657 oz15%
Gold0.06 g/t100.0%76,609 oz2%
Manganese5.690%100.0%4,981,668,089 lb54%
Zinc1.660%100.0%1,453,351,323 lb28%
Copper0.060%100.0%52,530,771 lb2%
Inferred Mineral Resources21,747,000$207/tSilver39.56 g/t100.0%27,660,075 oz11%
Gold0.06 g/t100.0%41,952 oz1%
Manganese7.030%100.0%3,370,423,746 lb50%
Zinc2.790%100.0%1,337,621,942 lb35%
Copper0.100%100.0%47,943,439 lb3%
All Categories Spot98,204,000$183/tSilver50.48 g/t
159,399,905 oz15%
Gold0.07 g/t
224,884 oz2%
Manganese6.522%
14,119,706,700 lb53%
Zinc1.966%
4,257,178,729 lb28%
Copper0.073%
157,178,288 lb2%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$17,946,384,1633.1%Silver $17.23/oz, Gold $1,268.15/oz, Manganese $0.67/lb, Zinc $1.19/lb, Copper $2.58/lb
Project Resource Estimate - Hermosa - Upper Silver zone
Aug 9, 2012NI 43-101Scott Wilson, Scott Wilson ConsultingCutoff:
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured Resource57,038,000$36/tSilver29.64 g/t100.0%54,355,089 oz45%
Gold0.07 g/t100.0%128,369 oz8%
Manganese0.850%100.0%1,068,840,843 lb35%
Zinc0.120%100.0%150,895,178 lb9%
Copper0.020%100.0%25,149,196 lb3%
Indicated Resources60,685,000$38/tSilver25.36 g/t100.0%49,479,844 oz37%
Gold0.06 g/t100.0%117,066 oz6%
Manganese0.950%100.0%1,270,968,503 lb37%
Zinc0.166%100.0%222,085,023 lb11%
Copper0.060%100.0%80,271,695 lb9%
Inferred Mineral Resources57,764,000$36/tSilver27.65 g/t100.0%51,351,143 oz43%
Gold0.06 g/t100.0%111,431 oz7%
Manganese0.850%100.0%1,082,445,431 lb35%
Zinc0.170%100.0%216,489,086 lb12%
Copper0.020%100.0%25,469,304 lb3%
All Categories Spot175,487,000$37/tSilver27.50 g/t
155,186,076 oz41%
Gold0.06 g/t
356,866 oz7%
Manganese0.885%
3,422,254,777 lb36%
Zinc0.152%
589,469,287 lb11%
Copper0.034%
130,890,195 lb5%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$6,456,133,5558.6%Silver $17.23/oz, Gold $1,268.15/oz, Manganese $0.67/lb, Zinc $1.19/lb, Copper $2.58/lb
Project Resource Estimate - Hermosa - sulfide skarn zone
Jul 31, 2014NI 43-101Scott Wilson, Metal Mining ConsultantsCutoff:
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured Resource812,833$220/tLead2.660%100.0%47,666,464 lb27%
Zinc4.940%100.0%88,523,434 lb59%
Silver43.89 g/t100.0%1,146,891 oz11%
Copper0.120%100.0%2,150,367 lb3%
Indicated Resources728,466$183/tLead2.380%100.0%38,222,210 lb29%
Zinc3.970%100.0%63,757,216 lb57%
Silver36.69 g/t100.0%859,218 oz11%
Copper0.110%100.0%1,766,573 lb3%
Inferred Mineral Resources4,387,122$256/tLead3.660%100.0%353,989,737 lb32%
Zinc5.250%100.0%507,772,164 lb54%
Silver50.40 g/t100.0%7,108,989 oz11%
Copper0.160%100.0%15,474,961 lb4%
All Categories Spot5,928,421$242/tLead3.366%
439,878,412 lb31%
Zinc5.050%
660,052,814 lb55%
Silver47.82 g/t
9,115,098 oz11%
Copper0.148%
19,391,901 lb3%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$1,434,184,08138.5%Lead $1.01/lb, Zinc $1.19/lb, Silver $17.23/oz, Copper $2.58/lb
Hermosa 43-101 Economic Study (USD except where noted otherwise)
PFSDec 10, 2013
Hermosa
Mining ScenarioTRMining Costs
Mining Type:OP
Cost Currency:USD
Processing Type:

Capital Cost:$834,600,000
Operating Rate:12,500 tpd
Sustaining Cost:$0
Operating Days:365
Operating Cost:$39.49/t
Strip Rate:5.7
BC Cash Cost per Unit: USD$31.61/oz Ag
Mine Life:18 years
BC Cash Cost Net By-Products: USD$4.84/oz Ag
LOM Tonnage:54,119,000 t
BC All-In Cost Net By-Prod: USD$12.94/oz Ag
Est Startup:

Spot All-In Cost Net By-Prod: USD$22.48/oz Ag
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:AgMnAuZn
Grade:75.58 g/t0.08 0.10 g/t1.79%
Recovery:79.0%28.0%90.0%0.1%
Annual Output:5,700,000 oz110,000,000 lb10,000 oz10,000,000 lb
LOM Output:103,000,000 oz1,980,000,000 lb180,000 oz180,000,000 lb
Base Case Price:$23.50/oz$1.19/lb$1,250/oz$0.92/lb
Spot Price:$17.23/oz$0.67/lb$1,268/oz$1.19/lb
Base Case NSR:$29.36/t$28.69/t$2.74/t$2.02/t
Spot NSR:$21.53/t$16.15/t$2.78/t$2.60/t
Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:
Discount Rate:8%
After-Tax NPV:$611,000,000
Total Base Case NSR USD:$62.81/t
Pre-Tax IRR:
Total Spot NSR USD:$43.06/t
After-Tax IRR:21%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$106,376,875$0.36Pre-Tax Payback:
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$16,279,375$0.06After-Tax Payback:2.8 y
Enterprise Value CAD :$541,773,539$1.85/shShare Price:$1.89
Note:
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$1,080,183,750$389,430,214$34,400,536($158,892,296)
Base Case Pre-Tax Net NPV/Sh USD:$3.70$1.33$0.12($0.54)
Premium BC PT NPV over EV:$2.34($0.03)($1.24)($1.90)
Spot Pre-Tax NPV USD:($541,571,250)($613,619,839)($637,351,034)($638,991,779)
Spot Pre-Tax Net NPV/Sh:($1.85)($2.10)($2.18)($2.19)
Premium Spot PT NPV over EV USD:($3.21)($3.46)($3.54)($3.54)
The comparative NPV calculations assume constant annual cash flow based on the life of mine average annual payable production and CapEx spent in year one. The operating cost includes the LOM sustaining capital. Due to details such as ore scheduling these NPV figures may differ from those of the 43-101 economic study.
After-Tax Valuations using Spot By-Product Prices

Noseno Project
NosenoGuyana
Guyana10,184 ha
Net Interest: 100% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired in June 2010 through an auction held by the Guyana government for total cash consideration of $100,570 (U.S.).
Target Metals: GoldModel:
Stage: 1-Grassroots
Implied Project ValueJK Dream Target$100 million$500 million$2 billionSpeculative Value
$552,322,319Not Rated

Patagonia/Sunnyside Project
Patagonia/SunnysideUnited StatesAZArizona0 ha
Net Interest: 70% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: April 2014 agreement for Wildcat to acquire 60% from Regal Resources. Wildcat shall earn a 60-per-cent interest in the project upon payment by Wildcat to Regal of an aggregate of $4-million and completion of exploration work in respect of the property for an aggregate of $25-million over a period of six years after the execution of an earn-in agreement between Regal and Wildcat. After Wildcat has earned the initial 60-per-cent interest in the property, Wildcat may earn an additional 10 per cent in the property by paying $1.5-million to Regal and completing a feasibility study on the Patagonia/Sunnyside project.
Target Metals: CopperModel: PorphyryStage: 1-Grassroots
Implied Project ValueJK Dream Target$100 million$500 million$2 billionSpeculative Value
$789,031,884Not Rated
Notes on Patagonia/Sunnyside Project
The Patagonia/Sunnyside project is located near Nogales, Ariz., 72 kilometres (44 miles) southeast of Tucson. The project is located in the prolific Laramide porphyry copper province along the trend of the Cananea mine (7.14 billion tons at 0.41 per cent copper) to the south, and the Resolution copper deposit to the north (1.5 billion tons at 1.5 per cent copper). The property consists of 298 unpatented lode claims totalling 2,210.75 hectares (5,463 acres) and contains several areas of drilling completed by Asarco and Anaconda among others. This historic work has identified four primary targets and several secondary targets.
Company Related KRO Comments
Apr 21, 2017Discovery Watch with HoweStreet.com - 0:00:00
Apr 7, 2017Discovery Watch with HoweStreet.com - 0:00:00
Apr 3, 2017SVH Tracker: Recommendation Strategy for Arizona Mining Inc
Apr 3, 2017SVH Tracker: New OV:1000007-JK (Apr 3, 2017 - PEA) for Hermosa-Taylor
Mar 31, 2017Discovery Watch with HoweStreet.com - 0:15:50
Mar 31, 2017SVH Tracker: Retirement of OV:1000007-JK (Oct 31, 2016) for Hermosa-Taylor
Jan 13, 2017Discovery Watch with HoweStreet.com - 0:00:00
Dec 30, 2016Discovery Watch with HoweStreet.com - 0:11:52
Dec 13, 2016Discovery Watch with HoweStreet.com - 0:00:00
Dec 12, 2016SVH Tracker: Short sellers bungle their attack on Hermosa-Taylor by recruiting an incompetent scribe
Nov 4, 2016Discovery Watch with HoweStreet.com - 0:00:00
Oct 31, 2016SVH Tracker: Retirement of OV:1000007-JK (Sept 8, 2016) for Hermosa-Taylor
Oct 31, 2016SVH Tracker: Hermosa-Taylor's new resource estimate meets mid-range expectations
Sep 22, 2016Discovery Watch with HoweStreet.com - 0:04:02
Sep 8, 2016Discovery Watch with HoweStreet.com - 0:12:00
May 19, 2016SVH Tracker: Arizona Mining completes 100% acquisition of Hermosa-Taylor
Apr 29, 2016SVH Tracker: Outcome Visualization Project as of Apr 28, 2016: Arizona Mining - Hermosa-Taylor
Mar 21, 2016SVH Tracker: Arizona Mining raises $15.6 million from Osisko Gold Royalties and friends
Mar 4, 2016SVH Tracker: SVH Recommendation Strategy for Arizona Mining Inc
Feb 29, 2016Bottom-Fish Comment: Arizona Mining raises $2.8 million for expansion drilling at Hermosa-Taylor
Feb 18, 2016Bottom-Fish Comment: Recommendation Strategy for Arizona Mining Inc

Company News Releases
Apr 20, 2017Substantial Growth Potential With Significant Stepout Of Taylor Deeps Zone; Includes 31 Foot Interval Assaying 27.3% Zinc, 22.4% Lead And 14.9 Opt Silver
Apr 13, 2017Files Technical Report And Will Host Conference Call On Monday, April 17, 2017
Apr 3, 201742% After Tax IRR From Preliminary Economic Assessment, Upgraded Resource And Production Target Of 2020
Mar 29, 2017Updated Metallurgical Test Work For Hermosa taylor Sulfides Shows Increased Recoveries For Zinc, Lead And Silver
Mar 16, 2017Additional High Grade In Taylor Deeps Zone
Feb 21, 2017Additional High Grade In Taylor Deeps Zone
Feb 14, 2017Further Drilling Results At Hermosa taylor; Includes 87 Foot Interval Assaying 31.7% Zinc, 15.4% Lead And 5.0 Opt Silver Within Broader 402 Foot Mineralized Zone
Feb 9, 2017Discovers New Zone Taylor Deeps
Jan 26, 2017Further Drilling Results At Hermosa Taylor; Includes 45 Foot Interval Assaying 12.7% Zinc; 31.7% Lead And 10.4 Opt Silver Within Broader 124 Foot Mineralized Zone
Jan 19, 2017Further Drilling Results At Hermosa taylor; Includes 16 Foot Interval Assaying 10.7% Zinc; 42.9% Lead And 29.6 Opt Silver Within Broader 62 Foot Mineralized Zone
Jan 12, 2017Best Drill Hole To Date At Hermosa Taylor; Includes 104 Feet Assaying 22.1% Zinc; 14.6% Lead & 5.6 Opt Silver; Receives Interest In Concentrate At The Taylor Deposit
Dec 21, 20161,700 Ft Stepout From Current Resource
Dec 15, 2016Major Stepout Hole Intersects 33 Feet Grading 22.8% Zinc, 20.2% Lead And 12.2 Opt Silver
Dec 14, 2016Comments On Misleading Article
Dec 13, 2016Retraction of Article by The Global Mining Observer
Dec 12, 2016Refutes Misleading Article On Taylor Deposit
Dec 6, 2016Closing Of $36 Million Bought Deal Offering Of Common Shares
Nov 11, 2016Increase To Bought Deal Offering Of Common Shares
Nov 10, 2016$25 Million Bought Deal Offering Of Common Shares
Oct 31, 2016New Mineral Resource At Taylor Deposit
Oct 24, 2016Taylor Resource Expected Within the Week
Oct 11, 2016Drilling Extends Footprint at Taylor Deposit HDS 374 Intersects 9 Mineralized Zones with 601.5 feet Cumulative thickness including 90 foot interval assaying 17.4% zinc, 12.6% lead and 4.1 opt silver
Oct 5, 2016Continues expansion of Taylor Deposit HDS 371 intersects 13 mineralized zones with a cumulative thickness of 496 feet including a 70 foot thick interval assaying 17.5% zinc, 14.3% lead and 5.3
Sep 22, 2016Continues expansion of the Taylor Deposit HDS 363 intersects 8 Mineralized Zones with a Cumulative Thickness of 421.5 Feet Including a 13 Foot Thick Interval Assaying 15.5% zinc, 11.8%
Sep 13, 2016Drills 1,300 Foot Step Out Hole Grading 23.1% Zinc, 13.5% Lead and 7.3 opt Silver Over 24.5 Feet
Sep 8, 2016Best Hole to Date at Taylor Deposit
Aug 16, 2016Drilling Continues to expand Taylor Deposit HDS 358 Intersects 8 mineralized intervals including 24 feet grading 22.4% zinc, 24.5% lead, 0.41% copper and 13.3 opt silver
Aug 4, 2016Drilling continues to expand Taylor deposit HDS 356 Intersects 12 mineralized intervals including 26 feet grading 9.43% zinc, 9.75% lead, 0.37% copper and 3.33 opt silver
Jun 9, 2016Closes $18 Million Private Placement
Jun 8, 2016Continues Expansion of Taylor Deposit Intersects 85 Feet of 9.4% Zinc, 12.8% Lead and 3.92 Opt Silver More Drill Rigs Added
May 27, 2016$18 Million Underwritten Private Placement
May 5, 2016Expands Taylor Deposit with Step Out Drilling Including 61.5 Feet Grading 11.7% Zinc, 17.3% Lead And 9.3 Opt Silver in HDS 338 And 57 Feet Grading 22.6% Zinc, 23.0% Lead and 8.8 Opt Silver In HDS 339
May 4, 2016Closes Acquisition: Now Owns 100% of Hermosa Project
Apr 25, 2016Closes $15.6 Million Financing
Apr 25, 2016AGM Results
Mar 21, 2016Raises $15.6 million from Osisko for drilling on Taylor Deposit
Mar 3, 2016Closes Private Placement
Feb 29, 2016To Increase Ownership In Hermosa Project To 100%
Feb 24, 2016Commences Drill Program To Expand Taylor Deposit
Feb 23, 2016$2.8 Million Private Placement
Feb 1, 2016Increases Resource on Taylor Deposit to 39.4 Million Tonnes at 11 % ZnEq
Jan 26, 2016Closes Acquisition of Patented Mining Claims Adjacent to Hermosa Taylor Deposit
Jan 7, 2016Metallurgical Study Indicates High Recoveries from Hermosa
Dec 29, 2015Loan Settlement Agreement
Nov 23, 2015Strengthens Management Team; Expands Claims Around Hermosa North West Project
Nov 5, 2015Appoints James Gowans as President & CEO Announces $2.7 Million Financing
Oct 26, 2015Bulletin 2015 1089: Changes In Stock List
Oct 21, 2015Entered Into Corporate Transaction
Sep 29, 2015Expands Hermosa NW With High Grade Zn, Pb, Ag Drill Results
Jun 30, 2015AGM Results
Jun 15, 2015Acquisition of 3,813,244 units of AZ Mining Inc.
Jun 15, 2015Acquisition of 3,813,244 units of AZ Mining Inc.
Jun 15, 2015Acquisition Of 3,813,244 Units Of AZ Mining Inc.
Jun 4, 2015Changes Name to AZ Mining Inc.
Jun 4, 2015Changes Name to AZ Mining Inc.
Jun 3, 2015Bulletin 2015 0581; Changes in Stock List
Jun 3, 2015Bulletin 2015 0581; Changes in Stock List
May 27, 2015Professor Poonam Puri to Join its Board of Directors
May 6, 2015Intersects high grade zinc, lead and silver at Hermosa NW
Apr 16, 2015Removed from BCSC Delinquent Filer List - 2015/04/13 OT Filings
Apr 15, 2015BCSC Delinquent Filer 2 Days; Non-Compliance of Technical Disclosure
Aug 21, 2014Closes C$2 Million Private Placement and Commences Sulfide Skarn Drill Program
Aug 15, 2014Election of Donald R. Siemens to its Board of Directors and 2014 AGM Results
Jul 31, 2014Highlights Sulfide Skarn Potential at Hermosa with Updated Resource and Announces C$2 Million Private Placement
May 23, 2014Changes Date Of Annual General And Special Meeting Of Shareholders
May 8, 2014Cancellation of the Letter of Intent Agreement
Apr 9, 2014Wildcat Signs Letter Agreement For Regal Resources' Sunnyside Project
Dec 10, 2013Wildcat announces positive prefeasibility study results and Initial mineral reserve for Hermosa project


 

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