Precisely why calculating AZY's value by its minerals alone is...

Precisely why calculating AZY's value by its minerals alone is bad maths. I'm referring to what its shares are worth, not what its minerals are worth. As you've pointed out, there's more to it than just resources and grades.

Anyone doing the maths is not considering the number of shares AZY has on issue now (3.6 billion) but the number it will have after the CR. That number will depend on the market price at the time the CR is announced and how much they can borrow. If they deliver a staggeringly good MRE update, the price might go up a little. The more likely scenario is that the share price stays in the 1-2c range, and that's the price from which the CR offer price will be discounted. So, whether you think they'll issue another 5, 10 or 20 billion shares to build their mine, it will have a heavy and long-lasting effect on the share price.

That, to my thinking, is the reason why very few people are buying on market – including the board, fundies and substantial holders, none of whom think AZY is worth buying at under half the price they paid in the 4.2c CR, and even much lower than the 2.7c CR. Why buy a new suit this week when you know it's going to be on sale soon?