@FD20 It's the metrics of how the instos and brokers quantify 'risk' isn't it? Often very conservative and next to no dot joining. They have low numbers on 'risk' investing sometimes 5-10% of the available funds, often these are already committed.
In the case of AZS many got burned with previous forays into Mexico. Some results looked good but didn't work out due to market changes as in the case of a manganese development, or Promontorio red tape, or with Teck partners suddenly exercising a buy-in option at Alacran at the last possible and unexpected moment, then messing us around, a lot of reasons. Elections in Mexico taking time to bed down administratively and despite excellent discoveries of Ag and some promising Au, and some Cu Teck messed up badly and stalled us for about a year on top of it all...then there was consolidation and Covid19!
But this is exploration. As Mark Creasy says, it's a numbers game, but equally he would say it's also about expertise. So you add expertise to the highly prospective tenements he JV'd or sold to AZS and you add time and patience. I've long backed Tony Rovira and concluded he was exceptional and it came as no surprise that Creasy has had the confidence in him with these tenements. It took TR to decide to pivot to ask the geos to look for Li, that was his idea from looking at the data. It was his lateral thinking and that of the rest of the geos to find the silver that had been visible in the hills at Alacran Mexico nearby where the mindset of the previous explorers was to only look for Cu. It was hiding in plain sight.
It was TR's lateral thinking to dig deeper at Cosmos as the anomaly at first glance didn't look all that promising from the top. Then Bingo! Backing the experts is not a bad place to start...
Once Australian brokers/instos decide a stock has burned them or taken too long, they refuse to look at it with fresh eyes and stick to the gossip. They would not budge on Mexico they just never warmed to it. Australia is a very immature inward-looking market like that with the instos and brokers. Canada and the US is very different especially about Mexico. But here, it's a very small world with many explorers on the ASX and prejudices and mindsets can prevail. Therein lies the punter's opportunity if they do the research and sort out the wheat from the chaff in chat. IMO.
(sorry if this is repetitious, it's also about the AZS story and some hangover from the past which has been unfairly loaded onto AZS. The pile-ons in here towards TR were relentless and the same posters claim to always have backed him. Go figure... I'm on the side of the clueless punter, and believe ordinary Australians should get a chance to share in the wealth and not be cheated out of having a go so treeshakes, triggering stop losses especially annoy me but also downramping, up ramping the lot goes on)
