RE:Pomme is that after summer sell off and tax loss season?
Most tax loss selling was done in 2015 - which is why the share price is where it was.
In 2016, equity selloff is well underway, but miners are quite the opposite, rallying. I wouldn't expect tax-loss selling for miners to be a factor at all.
I would argue that against a backdrop of 1) stronger gold prices 2) greater insecurity about global markets and 3) improving fundementals for TMM (San Fran), that current large shareholders will err on the side of patience.
I'd also argue that the items above improve the abilty for TMM to 1) obtain better financing and 2) advance Ana Paula with a greater portion supported by ongoing operations at SF.
Those who are looking at Q4 and beating that drum are looking in the rear view mirror. You need to look forward.
B