With appreciation.
Ed
AMC is a relatively small minerals developer, with no revenue yet and about $43M in cash. It owns two projects in Arizona, Kay Mine and Sugarloaf Peak. Both have decent historical resources, and are in producing areas with good infrastructure. Insiders own ~7% of shares and have been net buyers over the past year. The stock has been declining over the past year, and it's announcing positive oxide and sulphide recoveries at its Sugarloaf Peak project. It continues to grow its assets, but we feel this name will need more time for drilling to commence and revenues to be generated. We consider it to be OK, but we would prefer more positive momentum in the name.