Context is important. AIS borrowed money from their largest...

Context is important. AIS borrowed money from their largest shareholder, who then also supported a further equity raise to see them through the tough period which came due to the requirement to close jaguar. AIS also bought those assets off SOL.

SOLs interest here was to move Round Oak out of the stable. I don't think they are particularly keen on bringing it back in house either. They would much prefer the liquidity that their subsequent listed investment in AIS brings them.

In addition, SOL are patient investors and are more than willing to see through those lower prices, make a clip on a loan supporting AIS and then reap the rewards when their investments bounce back. Some recent examples include: EOS and NHC.

Based on that history, AIS remains an interesting risk-reward proposition, with strong major shareholder backing, especially now that Cu prices have moved well above the forecast AISC of A$5.40.