GoochI guess the reality is that the market had priced into AMXs...

Gooch

I guess the reality is that the market had priced into AMXs share price (circa 30c) a better pending upgrade than 6% JORC increase, as well as some blue sky for exploration success.

No reported exploration success in recent months plus a Resource Upgrade not up to market expectations (whether this is fair or otherwise)equals a quick mark down in market cap and share price to approx 25c.

Aplogies for the 'suck eggs' para below to most of AMX followers, but for newbies to AMX and gold in general:

The company is at a crossroad IMO. As sentinment for gold explorers is bad at the moment, the company can either:

1. Preserve what capital it has (approx $25m by now) by slowing down exploration rate and reducing other costs where possible. This is good capital management but slows down the whole 'road to production' momentum. Remember $14m has been allocated this year for exploration alone.

or

2. Exploration drill smartly but quickly to find another 300k to 400z oz of MINEABLE gold (in the companies own words). This "MINEABLE gold" to me infers Measured or Indicated status. This will take many $$$ and time to first locate and then prove up.

Release PFS after the extra mineable oxide ounces found and proven up.

Commit capital to progress a Bankable Feasability Study.

During BFS progression, complete further infill drilling of known resource to produce a Reserve component of the resource. This will take significant time and $$$ capital to achieve.

If AMX go for option 2 which I believe they will, then as night follows day AMX will need to raise capital at some point this year. $25m will not get them anywhere near all the way. Taurus being on board and likely to be supportive of cap raising is a big positive in the scheme of things though.

There is no sugar coating it:

No mineable 300k to 400z extra oxide ozs = no PFS
No further infill drilling = No Reserve Component = No BFS = No funding = No mine