Ann: 2022 Annual Report to shareholders, page-39

Its not completely unremarkable but the share price performance sure is atrocious isn't it, I just had a quick look at my "watchlist" and went to the "dogs" section of share price performance, where AMI is in the illustrious company of some others that have been smashed this year:

AHQ - Canadian coal mismanagement managed to send the company nearly under despite historic world high Coal prices
AMI - good ground and mines brought down by poor management struggling with increasing costs and inflation + folly of Dargues
AML - Qld base metals developer/lifestyle company that cannot stop drilling and redesigning their own PFS
CYM - Nifty restart an ongoing nightmare thanks to inflationary cost environment and poor management
DEX - Market not listening to some QLD exploration results (still trying to figure this one out)
EVN - solid gold major also smashed due to WA cost inflation + general poor Au sentiment
FFX - Firefinch failed re-start of West African gold mine with poor/no contractor performance and management incompetence
NTM - NT Cu explorer/lifestyle co who achieved a year of dusters
MYE - Tony Caruso vehicle which also brought Pybar business and has suffered endless safety problems and poor performance
SBM - gold miner now priced for disaster thanks to high costs, poor management and Simberi problems + general poor Au sentiment
RVR - Thalanga performing poorly and mistimed poorly planned Hillgrove acquisition/ failed restart + wet weather
WGX - low grade WA gold miner brought undone by high costs just treading water to stay alive

Whats the common story with a lot of these woofers? Cost blowouts, silly acquisitions at the wrong price, stupid hedging decisions and management inability to respond to or recover from mistakes. They've all had similar labour shortages, logistics snarls, cost pressures/inflationary effects and the similar metal prices, general downwards sentiment towards base metals and gold throughout the market, Covid restrictions and different weather events to stuff up plans but in a list of what not to do it looks like AMI treated this laundry list of mistakes as a personal list of KPI's to achieve....

You will all note I've omitted one of the more relevant peers AIS (similar commodities and operating environments):

AIS - Similar operating environment to AMI but 7:1 consolidation and merger/takeover with Washington H Soul Pattinson but seem to be less underwater than AMI shareholders and most importantly - they didn't buy Dargues - they must have had a look and said "Nope".