RE:AZ and CNLMy opinion....(and I am long both but have traded on noteworty news/events)...
At some point the additive effect of drill results starts to diminish, especially once something gets as "big" as both AZ and CNL. When AZ was still relatively "small", drill results could be extrapolated in a way where you could reason out a notable increase in the resource. It didn't hurt that they were able to say the equivalent of "orders of magnitude increase to come". Now that it is beyond 100m tons indicated/measured, what does another drill result mean when something is already that big!? 2% bigger? 5% bigger? And if the drills are turning just to increase confidence levels, then it isn't like the size of the deposit is going to get any bigger.
No idea why the volume is so low, but I think the elephant in the room that is weighing on the sp is financing the construction. The financing requirements mean that shareholders are staring down the barrel of what looks to be anywhere from 30%-50% dilution, or some combination of shares/streaming/debt, which no matter what is going to cost current shareholders. It seems like nobody wants to really be holding when that decision comes down the pipe, unless you got in long ago at far lower prices and can wait out the long game.