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Myanmar Metals (MYL) - Significant Resource Upgrade

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Myanmar Metals (MYL) released a resource upgrade for the Bawdwin polymetallic deposit in Myanmar (51% MYL). Total resources increased by 15% to 94.2Mt @ 3.4oz/t Ag, 6.3% Zn+Pb and 0.2% Cu. This update included a significant confidence upgrade to the high-grade core (45.0Mt @ 5.7oz/t Ag, 10.7% Zn+Pb and 0.3% Cu) with 40% now in the Indicated category. Importantly, newly discovered mineralisation in the Yegon Ridge and Meingtha Gap zones was not incorporated in this resource and add significant upside for future updates. A PFS on the Bawdwin deposit is due for completion in early April and will likely be accompanied by a Maiden Reserve. MYL recently strengthened its Board with the appointment of former Mineral Resources (MIN) CFO Bruce Goulds. We see Mr Gould’ as a valuable addition which should contribute an ethos of innovation which was key to MIN’s success. SPEC BUY recommendation maintained with a $0.20 target price.

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