Management, page-5

I don't think the share price is in decline due to a lack of action on the ground, or a lack of speed, or management doing things badly (what can they do differently?), or an excess of optimistic statements about the potential resources. I think it comes down to one thing only: the amount and quality of those resources, which are simply not as good as expected.

Personally, I'm starting to dread announcements as every one leads to further share price declines with the reality of below-expection results. But there's always the hope that the next one will be the game changer. Which is what keeps people holding or buying. The idea that the share price is somehow influenced by things like gaps in charts being filled seems ludicrous to me. If AZY delivers really good results, the price will go up. If not, it will go down. Given that the optimistic projections are already baked into the share price (hence the rise from 1c a year ago), results that simply confirm them will only maintain the share price at best, and probably decrease it.

I've dropped my target price substantially, but am not looking at the exit yet. However, to continue Onceover's good nautical analogy, I now often think of a scene in an old movie about the Titanic called A Night to Remember. At the end, a passenger is talking to an officer while standing on an upturned lifeboat in the freezing sea. The officer says how he'll never trust anything again, to which the passenger asks, "Because it sank?". "No," says the officer, "because we were so sure it couldn't."