Ann: Becoming a substantial holder, page-12

Today is D Day for me. I was waiting for an exploration result to tantalise me into taking up my allocation of shares in the raising. I am afraid I will not be taking up my offer. Reasons are -

1. Strategy is confused. AMI has bought Dargues Reef to become a mid-tier gold miner but I thought we were an NSR margin company (polymetallic). If lead/zinc has a higher NSR, we will mine that - not gold (I hope).
2. AMI paid $200M for a mine that will produce 60K oz/annum. Red River Resources paid $4M for the same result at Hillgrove.
3. This company issues capital like confetti. Other companies treat the number of shares on issue very seriously.
4. I thought the next acquisition would have been copper. It has been emphasised that the company is 'copper ready'. Copper is taking off. Is there going to be another acquisition now that copper is in vogue and getting more expensive by the day. How many hundreds of millions/billions of shares will that take.
5. The share price reflects a very negative result from Dargues Reef purchase.
6. I hoped AMI would remain a very tight little miner that fought for its shareholders. Shareholders like Norges Bank make me sick.

I hope things improve but AMI has enough of my money. There is another little polymetallic company that is really impressive.
I thought AMI should tilt at it. It might be the other way around one day.