A1M: General Comments, page-265

An interesting juncture for A1M, its public statements and how it is viewed by investors.

Explorers are obliged to draw exciting pictures to fund the next round of drilling; producers focus on outputs, process refinement and commodity prices.

Early stage producers, whatever the prospects of their business, can easily be overlooked.

AC & team are raising output from 12ktpa to 20ktpa. Investors shrug and turn their attention to the majors.

A1M is valued at a mere $155m. It is a Cu producer, with extensive ore resources and credible plans to dig it up.

It also has a substantial exploration portfolio deserving study, drilling, trading and partnerships. Yet it needs to distance itself from explorer status, so even though it is drilling away, reporting is measured and proportionate.

A1M may make conservative announcements, yet it has an abundance of prospects to exploit.

Ash