Ann: Quarterly Activities and Cashflow Report, page-26

Sandfires grades were better but the copper landscape has changed since then and these days what was less exciting back then is now higher grade. AW1's intercepts are almost all falling in the high grade mark (for the surface, not the deeps) so on that side of things i'm pretty confident.

As for the management, you're right that no matter how good something is bad management can ruin it. However, we don't know that AW1 management is intentionally screwing shareholders. Right now that's your mind going to the darkest place.

Let's stick to the facts:

They did a bad raise
They have overpromised and underdelivered in the past
They are giving brokers options SH's are not a fan of

But these can be explained in a half positive way as well which completely changes the story.

The bad raise was because they got caught out and ran out of cash. But that happened because they were drilling so aggressively and exceeded the promised 20,000m. I actually am quite happy with how much they spend on drilling. That is a positive for me.

They should have budgeted better though because it seems they got caught out and were unable to get cores back from the lab and had to do that panic raise. You find the visuals not being released to be a negative but to me it seems they learned from their mistake of pumping up visuals which the market did not like.

And for the options, I don't like them as much as you but my guess is the brokers essentially had them by the balls. They can't do a raise to retail because retail is beyond frustrated and most hit by the macro situation pulling capital out of every spec stock (interest rates) and we know brokers are sharks who bite deep when they smell blood. It's just the nature of the game.

This happened against the macro backdrop which has been helping the decline of the SP as you can see in almost every spec stock and would have put management under even more pressure.

If you get an email back about the labs holding onto the core samples until they were paid and can confirm that from the company it would explain a lot.