Since that scoping study I have been scratching my head and...

Since that scoping study I have been scratching my head and wondering “what just happened?”

The results were underwhelming as without the by-product credits Minyari is nothing special and even Salpetie was reserving judgment about whether it will be mined.

The Q+A session following Paul Mason’s conference call did not attract a single analyst to ask questions

Then I discovered that AZY have been down this road before. In 2017 they had metallurgical work done by an external independent laboratory to test gold recovery rates and then following on from that in 2018 further work to assess the value added by the by-products, mainly copper and cobalt.

https://hotcopper.com.au/threads/ann-minyari-dome-excellent-metallurgical-test-work-results.4387649/

Their conclusion: “Overall, the 2017 and 2018 gold and by-product metallurgical programmes on the various Minyari Dome ores have produced extremely positive and encouraging results”

(The) 2018 metallurgical test-work confirms the potential for Minyari Dome to produce copper-gold concentrate and cobalt-gold concentrate product with extremely favourable results.

Note the use of the terms "extremely positive" and “extremely favourable”, not hedging their bets here.

And now they tell us that the copper-gold and cobalt concentratessolution did not add value when compared to gold by itself?

Sorry but I am notbuying it.

The most charitable interpretation is that nobody on that BoD has agrain of sense, but there are other more unfortunate ways to look at it.