Buying $4m in AFM (like 0.3% of register) and having a nothing position that is entirely passive vs taking 23% and board seats in a small exploreco that we could actually develop are hardly the same thing.
Ala one is being a fund manager betting on price going up (AFM) and one is growth of production through acquisition or JV that is actually a developable scenario (being a miner).
Seems pretty clear differential to me.
Ann: Quarterly Activities Report, page-8
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