
Altaley Mining Corp. (TSXV:ATLY) – Updated PFS Helps De-Risk Tahuehueto
Altaley Mining provided an updated PFS for its 100%-owned Tahuehueto Au project located in Durango state, Mexico. The updated study is an improvement over the 2017 PFS and includes an updated reserve and resource estimate of 3.58Mt in 2P reserves and 7.18Mt in M&I+I resources. While we had already included many of the parameters outlined in this PFS in our model, resulting in no change to our target price, we view this update positively as we believe it is an important de-risking step for Altaley as it brings its 95%-complete Tahuehueto Au mine into production later this month. Once Tahuehueto comes online, we estimate Altaley would become a primary precious metals producer with ~51% of its revenue derived from Au and Ag by 2023E.