Ann: High Grade Copper Results Continue at Storm, page-180

most of your downside scenarios listed are price catalysts for AW1.

I don't think you know how exploration stocks work.

EM2 is measured on their tangible value (resource and economics) and all no anticipation/blue sky is attributed to the SP.

AW1 is an early stage explorer which is valued on the blue sky potential of the fundamentals.

As an explorer your worst possible move can be establishing an MRE when you know there isn't a straight path to mining. because then you're valued on your tangible assets (EM2) and not the potential of a major discovery (AW1)

you can say the exact same for AZS as they have only drilled like 20 holes into a lithium project and they have a $1 billion valuation. Majority of that valuation has come from anticipating upside however it's the initial fundamentals displaying the upside potential that fuels the SP growth.