To me, it's the need for a massive discovery that is the central...

To me, it's the need for a massive discovery that is the central and insoluble problem with AZY. Slow and steady progress – if that was actually being delivered – won't cut it. After a negative market response to the 250% increase in Minyari's MRE, it's hard to imagine the size of resource needed to send the share price up.

We're way past the use-by date for optimism as the driver for the share price. It ran out of puff a long time ago. Few people believe the worn-out lines once regularly spun by Power such as AZY "being like four companies in one" (referring to the three JV lands + AZY's own ground), or his excited descriptions of several "game-changer" results.

The selling patterns have been entrenched since April 2021 even if the share price only started its steady decline in November of that year. Constantly dropping price on wafer thin volumes. Some may put that down to market manipulation. To me it's more likely small holders selling out, which I think is supported by the absence of Change of Substantial Holder notices (although obviously a big company can still manipulate without a CSH notice).

The next results will come from a very small amount of deep drilling in November. These reflect only the beginning of the deep drilling program for which the latest CR was done, and under normal circumstances people might wait to see more results roll in. But in AZY's case, holders don't need much of a push to jump. I think those results – unrepresentative though they are – will be taken as a guide of what's to come. The chances of this small sample revealing a truly massive resource that's enough to turn around negative sentiment and promote massive buying, are so small that I imagine a big share price hit when they're delivered. Unfair, yes, but I think AZY has itself to blame for feeding the unwarranted hype.