AAF is the old restructured New World Alloys (NWA). The AIM listing fell apart many months ago and the AAF shareprice tanked down to .005 cents. Issued shares are appox 550 million shares x .007 = A$3,850,000. Net assets are around $4,000,000 with $1.4 million in cash. Last quarter produced $1,890,000 in revenues at a cash cost of $890,000 leaving a gain of $1,000,000 on the table. This came from toll treating copper ore at their Congo operations.
Copper prices are currently "thru the roof" in January they were around US$3.00 pound and have since then hit US$4.00 pound and are currently around US$3.85 pound. Will be interesting to see what numbers AAF comes up for the June quarter?
Chart published below, appears to be verging on a major turn, technicals no longer have a negative bias and a base formation has been constructed over the last three and a half months. On fundamental grounds seems very substantially undervalued (refinery and 70% of Congo leases were valued at $8 million for AIM listing alone).
AAF plans to sell the refinery, set up exploration program in or out of Congo. IMHO this situation may change in a bullish way due to very bullish copper prices. At .007 cents downside seems very limited with substantial "pop" potential.