Break out happening, page-407

Stating some obvious aspects of a large conglomerate that is in the process of diversifying out of one commodity - Fe. To who knows what it will become if they are successful. Non ferrous metals, Hydrogen, pastoral, RE.....

SOME claim maps for a couple of "AF" related companies.

There are 6 FMG entities listed in the search function on Geoview. Add on Squadron resources (potash north of AZY- no longer held), and perhaps some other AF related companies - Minderoo, Wyloo, Tattarang (non mineral??) just to mention three I have heard about.



The most relevant to the current discussions is FMG resources. The yellow is the extent of the search results. Maybe 5-10% of WA?
Zooming in the Paterson holdings are quite large but pale by comparison with the Canning and east Carnarvon Basin tenements.
This is probably one exploration arm of 'AF''s world.


On top of this possible exploration arm
Paterson North and South - very peripheral larger tenements pegged to get exposure largely in nearology concepts rather than direct exploration as none has been mentioned so far for Paterson North. FMG has tried to pick up many of the small parcels in and around AZY ground - in competition, at times, with Rio and others.

There will be some rationale for picking up such huge swathes of ground.



Some of the Fe focused tenements probably make FMG the largest tenement holders in WA. Another 4 companies I didn't look at.
Wyloo forked out a few hundred million to out bid BHP for the Ring of Fire ground in Ontario, Canada.





Us mere mortals can only wonder at what the likes of AF or E Musk think with their 'empires'.
How any one individual can oversee and direct the details of these just doesn't seem feasible without trust and good delegation skills to follow broad guidelines the big boss comes up with and is willing to fund.

I have been fascinated by the Twitter acquisition. Doesn't make sense to this mere mortal for sure.

AZY and FMG? Possible with the Caveat that AZY are already in bed with 3 others who will want a pound of flesh to be removed.

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Comments about lack of news and declining SP show up on most of the shares I hold. No idea what is going on but it does seem like there is a malaise affecting many companies perhaps a form of long covid. I like companies that have found reasonable resources and so have something more than hope of success from the next drill hole to underpin the SP. However, in the current environment the macro issues and the difficulty of justifying a mine plan puts such companies into the 'valley of despair' where things are bleak and not much sunshine makes it in.



There are no easy answers.

• Well several,
• Sell and take the financial consequences,
• Grin and bear with patience believing what AZY of 'future tellurium mine PL' have the goods to make it.
• Maybe some others

The glass half full for AZY is well known and kept many interested for a long time. I prefer this view though just my opinion no recommendation.
Quarterly reporting season is upon companies so some announcements are going to be made. Not much of great import is likely IMO. The ducks are moving across the pond with webbed feet paddling at various degrees below the surface for those who have faith and patience that something good will happen.