As mentioned, there was notable frustration regarding the low share price, especially considering the level of exploration achieved this year and the long-term asset value of the project. New discoveries at Storm and elevated copper grades are not being adequately recognized by the market. It seems investors are prioritizing quick returns, with funds flowing toward less speculative opportunities.
A major shareholder in the audience voiced concerns about the need for a better share price outcome. Investor Relations (IR) improvements were highlighted as a critical area for rebuilding confidence in the stock. Notably, Dave knew the investor personally, raising the question of whether past efforts to address underlying issues have fallen short of expectations. However, it seems that a revamp of IR strategies is underway, which should lead to stronger communication and improved market confidence.
Another topic discussed was the perception that the Utah Projects have stalled. While Storm is the current focus in terms of budget and manpower, Dave mentioned that these assets are not costing the company anything while idle. The possibility of securing U.S. government grants or selling the Utah assets at the right price remains open. However, for now, the company’s attention is centred on advancing the Storm project, with Rocky working on the PFS.
Interestingly, on my way to the meeting, I heard on the car radio about Trump’s plan to impose 25% tariffs on Canada. This might redirect Storm's DSO material to Canadian, European, or Chinese smelters. Ironically, these trade policies could eventually benefit AW1’s Utah assets under the right circumstances.
There were some minor frustrations, such as the incomplete diamond drill hole (ST24-03), caused by a two-week delay in the re-supply shipment for salt—an inherent challenge of operating in remote locations.
Dave didn't directly answer the 400,000 Cu metal tonnage Taurus target question raised by a shareholder, due to sensitive nature of it, and apparently, he has not seen the final number yet. So, question remains whether they got to the magical 400,000 Cu tonnage value or if its below or above this KPI. Guess we will learn in coming weeks.
Positives
Leadership and Communication:
Dave is an excellent in-person presenter, capable of addressing spontaneous technical questions with confidence. Expect more webinars in the future, including Q&A sessions, which could further improve engagement.
Safety and Logistics:
The team has demonstrated a strong ability to manage complex operations in challenging Arctic conditions, maintaining an impressive safety record despite the remote environment.
Project Scale and Potential:
The Storm project is immense, comparable to owning a land package in the northern Goldfields of Western Australia, where every target has significant potential. While Cyclone is the current priority, prospects like Tempest, Lightning Ridge, and others along the Graben Fault system (both shallow & Deep) could eventually yield a resource exceeding 100 million tonnes when compared to typical global sedimentary hosted copper systems.
Seal Zn Deposit:
Seal remains underexplored, with considerable potential. I raised the merits of applying X-Ray Ore Sorting to the Seal Zn deposit (1Mt at 10.2% Zn, 47 g/t Ag) with Dave prior to the meeting. While metallurgical test work is needed, this could further enhance the overall resource package on the island to zinc, copper and silver.
Forum & AGM Sentiment- The Hot Copper forum has been notably negative about AW1's activities, with trolls derailing technical discussions by fixating on trivial delays, Arctic cost overruns, and personal attacks. In contrast, CEO.CA offers a more balanced and moderated environment where contributors like Eric Coffin and blogger connections with Thomas Ullrich provide valuable technical insights. A stronger presence from technically knowledgeable contributors on Hot Copper could improve the discourse there.
- Overall, I left the AGM feeling optimistic and am now considering buying more shares at these discounted levels. While the share price might dip further in the coming weeks, the updated Mineral Resource estimate and the PFS, expected by the end of March 2025, will be critical for the company’s future. Dave emphasized the importance of the PFS report (Q1 2025) over the MRE in coming weeks, which should provide valuable clarity and direction.
(20min delay)