Myanmar Metals (MYL) recently conducted an $35m equity raising (at $0.06/sh) to fund the exercise of the Bawdwin mine option ($14.9m) and to complete feasibility studies. MYL has hit the ground running releasing an updated resource with a 23% increase in Indicated Resources to 25Mt @ 4.3oz/t Ag, 7.9% Zn+Pb and 0.2% Cu. Argonaut regards Arizona Mining’s (TSX:AZ) Taylor deposit as the closest analogy to Bawdwin. AZ was recently acquired by South 32 (ASX:S32) for a total consideration of ~US$$1.4b. We calculate a see-through valuation for MYL of $0.38/sh based on an EV/Resource multiple (contained Zn equivalent). A comparison of the Bawdwin and Taylor deposits is provided in the linked report.
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