Ann: Results Confirm High-Grade Gold-Copper at Depth at Minyari, page-91

Being a book lover, I like your analogy. But I don't agree that this one is a best-seller. Nor airport pulp fiction.

I think there will be some broken hearts when the long-awaited MRE lands and delivers a blip rather than a boom. My guess is anything under 1.5m oz will be met with a sell-off and drop in the share price. At which point expect to read that it's now a good time to buy into an amazing company like AZY is with its JV partners, huge amount of land and vast undiscovered resources at shallow depth. Yada, yada, you've heard it all before. I don't expect the MRE to have a Wow factor. Actually, I'm expecting the same Yawn factor that's greeted every announcement for a year. Between 1.5-2m oz might get the routine short-lived spike.

There are other elements of the story that have changed my mind since buying in, not just the share price.

I wasn't impressed when Power and Mason sold 5 million shares each at 4.8 in August 2020. Sure, they might have both needed the cash for a tax bill or to put an extension on their houses...at the same time. But when supposedly 'company-making' finds are on the horizon, you have to wonder why they didn't just take out a loan.

The JV companies will do well out of AZY, as their ownership of the resource will justify their investment. But these companies also have an interest in holding the share price down, which is easy to do with AZY no matter how much resource is found. For shareholders, it's a different story. I've been watching the daily trading pattern with alarm. It's now as predictable as the spike-drop pattern we've been seeing for a year.

I've been basically day-trading new AZY shares for a year and selling down my core shares for the past month, but I still hold a decent (if declining) parcel. So I truly hope there will be a spike on release of the MRE, at which point I'll sell the rest of my holdings. There are some really good mining stocks out there right now.