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It's certainly the most liquidity I've seen since I've been invested. Having said that, the only reason I'd want to see buybacks rather than dividends would be if Chelverton wanted to liquidate their position (Not that I'm suggesting they do). The good thing is they have options now without cratering the share price, which should help increase the share price.

What's going to be the news event that snaps the rubber band holding this share price down. It's becoming more and more of a mismatch to the fundamentals.

And that's a very simplistic way of saying they're spending money building new mines for near term production increase. Anyway, this is a discussion that's only going to go around in circles, so I'm going to leave it there. Good luck if you're invested, if not, I hope you get your buy in price.

The current main pit nearing end of life is well known and been well publicised . If you've followed the company and RNS releases, it's all there and to suggest there's a sudden grade issue is disingenuous, it's been signposted.
In regards to the cash position, since Q1 they've sold 2.6 million of gold and have 9.6 millions worth of inventory to sell, so the effective cash position is still 22 million, even if cash in bank at 31st March, which is a snapshot on that day, was 10 mil. This isn't stock in a warehouse you can't shift, it's copper/gold and worth face value.
In the mean time, they've been constructing their new mines due for the end of the year, built a new flotation circuit, procured new mining equipment, continued with a major exploration program and paid a dividend.
As it's not an exploration company, when the new mines are built by year end (and this company has a track record of building to time and budget), a major processing plant is already built ready and waiting.
It's a set plan created and followed by seasoned professionals, not 'chucking money at it'.

Correction, I meant largely flat from Q4

As stated, while production figures are by no means great , it was well flagged that production wasn't going to be this quarter.
With regards to cash position, if you consider cash and inventory, plus the sales after Q1, the balance is largely flat from Q2, not the big drop being alluded to here.
All this whole mine construction has already commenced, extra flotation circuit being constructed and prepayments for mining equipment being made, so not all doom and gloom.

You've clearly done your research after that last comment.

Why? The current MCAP is £30 mil. With the extra dilution at the raise share price it would be circa £40mil. A 200,000+oz mining company, If it happens and runs relatively smoothly (this is the bit that can't be guaranteed), would be worth a lot more than the 100mil Mcap to recoup your losses.

A placing seems a good bet. If it is, perhaps they should start introducing ASX style trading holts to stop this, as blatant insider trading is ignored.

AAZ management have spoken for a long time about wanting more institutional investors on the share register, but struggling due to the low number of shares available. Although I wasn't expecting this news, it's not a massive shock.

The shares aren't being cancelled, they're being held in treasury to sell back to institutional investors. Buy shares when they're low, hold in treasury, sell to Insituations at a profit, all while paying a 5-6% dividend.
Or, give away the cash never to be used again.

AAZ haven't done a single equity raise since listing and I can't see them starting now. Companies that splash out their spare cash on dividends to inflate the share price rather than investing it to improve the business generally don't last.

Just taken an initial position after watching this for a while, wanted to see how the BELL IPO went first. This is priced at significantly less than the sum of it's parts and maybe the tightening spread means that others are starting to agree?

The government tax take will be on net revenues, which as per the RNS at the time stated: "Net Mining Revenue", calculated after deduction of all mining, processing, administrative, environmental, community, royalty, sustaining capital and interest expenses.
50% sounds a lot, but once you've deducted all of the above first, it's nowhere near as much some think.

A snippet copied from the Advfn AAZ thread (well worth reading, very knowledgeable posters. The subsidiary WAN AAZ thread is worth reading too for sharing investment ideas).

“Previously heap leached ore
Initial gold production at Gedabek from 2009 to 2013 was only by heap leaching crushed ore as the agitation leaching of ore only commenced following completion of the agitation leaching plant in 2013. The heaps remain in-situ and given the high grade of ore processed prior to the commencement of agitation leaching, and the lower recovery rates, much of the previously heap leached material contains significant amounts of gold. The Company estimates it has about 1.7 million tonnes of previously heap leached material with an estimated average grade of 1.35 grammes of gold per tonne at the end of 2020.”

Estimate $138ml of recoverable metals from heap leach.

As well as this there's an estimated $30mil plus in the tailings dam which they will be moving soon

The beauty of their processing plants (they have several different processes they use) is they can produce the copper and gold/silver together, so copper rich ores with lesser gold and silver percentages get sold together to the refiner, who pay them credits for the gold and silver.

I think its only the Avshancli 1 area that was discribed as free digging, (yet another prospect near by that's, hopefully, going to be in production within the next 9 months) but regardless, Zafar is going to be supplying ore for many years.

They will have been instructed to release the second RNS. The original RNS clearly said it wasn't going to materially contribute to this years results, but that doesn't mean it's not a very positive piece of news

This is still very much under the radar. Still sitting at 33% up, having spiked to 60%, yet there's still only 29 comments, most from the regular contributors. Other shares would have been bombarded by rampers/ derampers by now. Hopefully when people see the top risers board and have a proper look at the company they'll see the potential here.

Try doing a bit of research Enrico, you might be pleasantly surprised what you find.