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I agree with you that AZY were astute enough to move in on the Paterson some years ago but to say that they "They picked the best tenements years ago under light cover...not a KM deep." is a stretch too far. That is because they had no idea of where the cover was deep and where it was not. BTW, the cover only refers to sediment over the bedrock that may or may not contain mineralistion.
The AZY founders were smart enough to recognise an unexplored province, take a gamble, and move into maximise their holdings. They had no idea as to where the cover was deep and where it was shallow because they had not even drilled to find out. In fact they spent several years running aerial surveys using sophisticated technologies to try and identify prospective areas for drilling their holdings.
It was their maximal holding across the province plus some early results that led me to invest those years ago. Then the RIO JV gave a degree of confirmation, while continuing drilling results gave further confirmation until Minyari showed real promise.
The fact that Havieron has water problems serves as a lesson to others as to the uncertainty of underground mining and AZY still has much further to go to prove up a mine at Minyari and precincts.
AZY is one of my favourite gold explorers and remains an explorer until they at least produce a PFS, after which I will call it a developer if the numbers still stack up (and at today's POG, I fully expect them to do so).

So far, AZY has played a successful story, and by organising JVs with majors like RIO, Newcrest and IGO, they have shown their capabilities at the corporate level too.