We’ve been on the hunt for quality resource names with company-changing 2016 catalysts that have relatively high likelihoods of transpiring. So far our list includes: Avnel Gold, which is going to release a DFS, finalize its ESIA and finance its open-pit Kalana Project during 2016. Based on the PEA figures and two updates to the resource we believe this mine can produce in excess of 200,000 ounces per year with AISC in the first few years at ~$500/oz. AISC. This puts it well into the commonly referenced “first quartile,” although we suspect that Kalana’s costs put it well beyond 2 standard deviations below the mean. The investment thesis could be at risk considering that the company’s Kalana Project is near Bamako, which was recently the site of a horrific terrorist attack. In the past we’ve noted that problems in Mali have been in the north, while Kalana is in the
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