Why is $AHQ a takeover target?
Cap < 5% of NPV
Trading at a 80% discount to peer group
Cap per tonne of Resource = 6c (or 70c of reserves)
Optimized cash margin per tonne = $50-75 over 2023-2024
Tenas Project lowest AISC and low capex start up.
#coal #metcoal #thermalcoal
Cap < 5% of NPV
Trading at a 80% discount to peer group
Cap per tonne of Resource = 6c (or 70c of reserves)
Optimized cash margin per tonne = $50-75 over 2023-2024
Tenas Project lowest AISC and low capex start up.
#coal #metcoal #thermalcoal
It's always interesting that those who loved the stock at 50c, hate it at 5c or indicate the risks are much greater at 5c than 50c....one thing is for sure, on successful optimization the returns are much higher at 5c than 50c. At 50c the discount to NPV was 88%, at 5c it's 95%.
Tenas NPV at $125/t price and only 15% of the resource is A$300m, at $180/t pricing and 60% of the resource the NPV is over A$2bn alone. The hidden gem of why $AHQ is a bargain at 5c #coal $CKA $WHC 
The inflation adjusted capex is likely to be A$120m to bring this A$2bn NPV into production in 2025/26.....likely funded from internal cashflow generation in 2024 and 2025.
Using $180/t and a 50% increase in annual production the IRR exceeds 100% for Tenas....a very healthy indicator of compelling project matrix, in fact it has our secret sauce mix
Diluted Cap <5% of full NPV
IRR > 100%
Capex less 15% of NPV
Diluted Cap 50% of Cashflow
$AHQ #coal
Diluted Cap <5% of full NPV
IRR > 100%
Capex less 15% of NPV
Diluted Cap 50% of Cashflow
$AHQ #coal
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