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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 Date
Volume
High
Low
Close
Chg
Status
June 26, 2017
839,500
$2.59
$2.33
$2.50
$0.00
Trading
Milestone Timeline
Project
Program
Start
End
Milestone
Hermosa-Taylor
Economic Study - PEA
2016 Q1 Late February
2017 Q1 Late March
Complete PEA for10,000 tpd underground mining operation.
Hermosa-Taylor
Target Testing
2016 Q4 October
2016 Q4 Late December
Start drilling targets on unpatented Forest Service claims, including potential copper skarn targets outside the zinc-lead-silver CRD footprint.
Hermosa-Taylor
Economic Study - FS
2017 Q2 Early April
2017 Q4 Late December
Initiate feasibility study with delivery by year end goal.
Basic Info
Listed On:
TSX: AZ
9/3/2008
Sector:
Resource
Key People
Issued:
294,666,630
5/2/2017
Story Type:
Emerging Zinc Discovery
James K. Gowans (CEO), Richard W. Warke (Chair), Paul J. Ireland (CFO), Donald R Taylor (COO)
999 Canada Place, Suite 555, Vancouver, BC, V6C 3E1, Canada
Cash Breakup:
$0.01
per sh
Twitter:
Corporate Change History
#Old for New
Last Price
Prior Name
Subsequent Name
Details
Jul 19, 2011
New Exchange Listing
1:1
$2.39
Wildcat Silver Corp (WS-V)
Wildcat Silver Corp (WS-T)
Jun 5, 2015
Name Change
1:1
$0.48
Wildcat Silver Corp (WS-T)
AZ Mining Inc (AZ-T)
Oct 28, 2015
Name Change
1:1
$0.26
AZ Mining Inc (AZ-T)
Arizona Mining Inc (AZ-T)
Ranking within Company's Price Range based Group
All KRO as of Jun 26, 2017
Group Median
Company
Percentile
Score
Price Range:
$2.01-$5.00
Issued:
139,126,143
294,666,630
24.1%
23.3%
Price Group Total:
58
Working Cap:
$24,375,000
$2,862,963
22.4%
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.
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.
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.
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
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.
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 Lead
Model: Manto
Stage: 5-PEA
Implied Project Value
JK Dream Target
$100 million
$500 million
$2 billion
Speculative Value
$843,085,078
Not 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).
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:
$106,376,875
$0.32
Pre-Tax Payback:
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:
$155,600,275
$0.46
After-Tax Payback:
2.8 y
Enterprise Value CAD :
$845,768,816
$2.51/sh
Share Price:
$2.50
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:
$3.20
$1.15
$0.10
($0.47)
Premium BC PT NPV over EV:
$1.31
($0.74)
($1.79)
($2.37)
Spot Pre-Tax NPV USD:
$1,966,204,950
$937,431,368
$401,401,798
$103,402,761
Spot Pre-Tax Net NPV/Sh:
$5.83
$2.78
$1.19
$0.31
Premium Spot PT NPV over EV USD:
$3.94
$0.89
($0.70)
($1.59)
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.
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: Copper
Model: Porphyry
Stage: 1-Grassroots
Implied Project Value
JK Dream Target
$100 million
$500 million
$2 billion
Speculative Value
$1,204,407,254
Not 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.
Most recent 43-101 resource estimate 
Prior resource estimate 
PEA 
PFS 
FS/BFS/DFS
Flagship Play
Secondary Plays
Other Plays
