I agree with your thinking behind a takeover, and am sure it...

I agree with your thinking behind a takeover, and am sure it would be successful. At this point, surely shareholders are so nervous about losing more money that the chance to reduce their losses would be seen as a blessing. But I go back to my earlier thought, that there's no point buying something for a higher price now when you know it will be on sale soon. Whether that's a new suit or AZY shares, the principle is the same. So the current share price may still be too high. I think a suitor would wait until the next CR that will drive the price lower before making a bid.

I'm sure the board want the share price to lift as much as all holders, but there's little they can do about that. As I see it, there are only two very unlikely ways. One is to announce they're walking away from the idea of building a mine and treatment plant. That's the main reason the share price won't go up until the PFS comes out some time in 2024. (Yes, I know they've said in Q4 2023 but let's get real). What is the driver? Why would anyone invest significantly enough to drive the share price higher before knowing the road ahead?

The other is simply hoping for a discovery of such size, quality and shallow depth that an investment thesis is beyond question. That's possible as all things are possible until they don't happen (and for some, even then!) but it's not enough to pin a survival strategy on, and certainly not enough now to drive the share price higher. Even rusted-on AZY supporters must see that the odds are against it.