In my opinion, the company has a complex and deep stranded resource a long way from anywhere. The previous management produced a PFS with a proposed plant of mind-boggling complexity and presumably astronomical costs to construct, and probably with a few technical execution risk hurdles on how to operate it. They obviously got side-tracked with Co and S recovery when they should have been concentrating on Cu recoveries and maybe Pb and Zn if warranted.
A new study was completed with a simpler mill but with the issue that it produces awkward mixed metal concentrates that probably have less "marketability" than traditional separate base metal concentrates. High capital costs in a remote location, paralysis by analysis, fairly deep ore bodies, leisurely timeframes and perceptions of lazy management have all conspired to keep potential investors away despite a bit of a metals boom at the moment with other peers being rewarded on exploration success.
I think most investors are here because of the orebody and exploration potential and are here despite management not because of it, they probably know that only a major will have the funds and patience to get this thing off the ground properly, so I wouldn't be surprised if they are just waiting for a corporate event (takeover) to take AML management out of the picture.
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