In a perfect market, the risks facing AZL would already be...

In a perfect market, the risks facing AZL would already be factored in to the share price. Yes, there is a water shortage, and a likely lawsuit from Native American opponents. But without those, the share price might be 30 or 40 cents.

I doubt that those who post here and dislike discussions of these factors, own more than a couple percent of outstanding shares. The silent investors, with larger holdings, probably know a lot more than we do.

From a lengthy article in the New York Times about Native American opposition to mining proposals, including two in Arizona:

President Biden came into office vowing to safeguard Native American resources like these and uphold the rights of tribes that have endured generations of land theft and broken treaties. But in the rolling headwaters of central Idaho, where mining interests have long overrun tribal rights, the administration’s promise is colliding with one of its other priorities: starting a revolution in renewable energy to confront climate change. . . .The push to unearth new minerals presents a hard choice for the Biden administration in politically divided Western states where mining remains an important source of jobs and political power. The choices are destined to grow more challenging as commodities like lithium, copper, cobalt and antimony become more valuable, and critical to the nation’s future....The Biden administration already has put limits on exploration, going to court to disrupt the Pebble Mine project in Alaska and barring new oil and gas leases in Chaco Canyon in New Mexico. Other projects are also getting renewed scrutiny, but the administration has not closed any doors.

https://www.nytimes.com/2021/12/27/us/mining-clean-energy-antimony-tribes.html