Ann: Quarterly update and outlook - March 2022, page-93

It is disappointing that the share price is languishing, having almost halved since the recent high.

The other analyst covering AMI is Dylan Kelly from Ord Minnett (he asks most of the questions on the conference calls). He has a 95c target (03/05) despite Dargues grade issues and short-term operational concerns, due to Fed and Great Cobar growth prospects, plus balance sheet status and organic funding potential.

The quarterly will be of interest. More importantly, the Fed FS would need to be good (showing a true tier 1 asset) to attract M&A interest. Top tier execs normally wait for resource definition and de-risking before making a bid (to avoid reputational risk), even if they have to pay more.