RE: next steps?As an outsider, I can only speculate as to what may happen in the 12 months. I think this holding pattern between 0.15-0.20 is only temporary and the stock could see a breakout or breakdown once the BFS is released. This is my anticipation of upcoming events:
1) BFS (mid-late September but delays are possible and management originally guided this for Q4)
2) Application Information Requirements determined (immediately after BFS is released)
3) Private placement/funding (September-December depending on the cash burn rate and timing of KGHM exercising option to pay up to $35M)
4) Public open house (Q4)
5) Submit application for Environmental Assessment (Q1-2012)
6) EA review stage (Q1 to Q3-2012)
7) Project decision either approved or refused by ministers for permitting stage (Q4-2012)
Construction and permitting could start as early as 2013 if all goes according to plan. The EA process should likely determine if the company will be granted all necessary permits which I believe it will. From now to then however, AME needs to deliver a positive BFS and hopefully KGHM will be a friendly partner and exercise its option well ahead of its 90-day expiration. I imagine there are a several savvy investors wanting to get in a PP deal right now.