Ann: Conversion of Convertible Notes, page-119

Exploration companies have fundamentals - they are measured by exploration success or failure of picking ground, and doing the exploration to locate and prove up (hopefully) economic orebodies. As the knowledge increases the prospect becomes a potential project and sometimes even a mine, and its a process of derisking the project along the way that is a fundamental that drives the share price, along with commodity prices and investor sentiment about the commodity and the execution risk. People are investing in an evolving story with fundamentals that may change as more information comes in and as management change and adjust the business accordingly. Other corporate deals such as takeovers or JV's or sales of tenements all provide exit points for exploration companies to monetise their expenses. These are not static companies with predictable and repeatable businesses that operate in a vacuum - we are talking about a stock market here with many different investors with different risk profiles/timeframes, different entry points and different exit points.

The fundamentals for an exploration company are the commodity of interest and the likelihood that the project will come to fruition, through a process of news driven events that are the fundamentals of that business, each news event makes the fundamentals of the prospect/project and hence the company better or worse than before, they all cost money to do which means capital raising or other corporate action to do it. If the value of the commodity falls to zero then the business has no fundamentals and hence will have a value close to $0.

If its uneconomic to manufacture cars in Australia then the fundamentals are that the value of a local manufacturer is zero no matter what TA anyone tries to do on it.

Show me an exploration company that doesn't have fundamental exposure to any exploration work and does not hold any ground. I will be waiting. You won't find one. If you do it will be an empty corporate shell or a lifestyle company. As for your comments about producing good news "soon" - they speak volumes that you have absolutely no understanding of the exploration process, they can't pluck assays from their imagination or news about drill holes from thin air, they have to drill the holes and get sample assays back from labs and cannot pick and choose when to release the results, if they are materiel to the company then they must be released as soon as practically possible.

5 days into the year and you are already categorical that AZS is the most volatile stock of the year. If you want to see real volatility I suggest you expand your horizons a bit to to Bitcoin, BNPL stocks or even some of the Li explorers.