Anax Metals Limited (formerly Aurora Minerals Limited) - December 2015 Report

Aurora has investments in companies operating in Burkina Faso, Cote D’Ivoire and South Korea, with exploration activities returning very encouraging results. In Burkina Faso, where the group controls the Samira Hill Greenstone Belt, Predictive Discovery has defined a 184,000oz gold Resource and 460,000 to 563,000oz gold Exploration Target and Golden Rim a 500,000oz to 611,000oz gold Exploration Target. In addition Predictive Discovery is growing its presence in the highly prospective greenstone belts of Cote D’Ivoire. Exposure to South Korea is via the 35.8% stake in Peninsula Mines (ASX: PSM), which has properties over historical mining areas, and a strong relationship with KORES, the state mining and investment agency. The value of Aurora’s investments and cash is $0.062/share - the current share price of $0.026 is at a 58% discount to this, and is also at a 13% discount to cash backing of $0.030/share We rate Aurora as a SPECULATIVE BUY, with key price movers including exploration success by its associates. Download the report for more information.

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