To say Arizona Metals (TSX: AMC) had a bad day on Monday would be an understatement. The equity closed down 28% on the day, after sinking as much as 34% after the morning bell.
Why the crash? Well, the company had what we would refer to as a “New Found Gold moment.” In other words, the company, after much retail excitement, failed to put out an initial resource estimate that came anywhere close to meeting investor expectations. And those still holding on paid the price. Bigly.
Lets dive in.
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