the upgraded resource estimate Just announced
Was for drilling 2018-2021- it’s 2023!
The exploration spend this Year , when they they were suspended and facing multiple and now even more actions was a very poor use of capital - the idea they needed to keep things going when they had no mining lic- a cancelled decree- a number of icc actions they brought and actions brought against them was a stupid spend - they have financial accounts to show what was spent on exploration- and there is nothing to date for the drilling done just after suspension and completed- now it needs approximately the same amount it says to see the legal actions through-
should have been stopped in late 2022- as we know only since suspension it appealed and lost- then started icc actions- saw it’s decree cancelled- received some big claims against it and has other actions afoot —— the resource and reserve was already marketed by the company as a monster - but it still hadn’t updated a dfs from 2020——the drilling on the area just updated was mainly done in 2018
Avz is consumed by legal actions it should have stopped exploration and counted its penny’s to o pay for its legal actions to hopefully obtain a mining lic
it doesn’t change the fact drilling on the updated portion was complete well well before the first suspension - and why would it take two years to calculate and inferred resource- ?
and why would they have spent 36.6 m doing even more drilling last financial year on the main ground when it was already a “ monster” and they were in legal atouches before suspension
there is nothing on paper for the spend last year on exploration yet —- but company needs more funds
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held
