I agree Fib. I have been hanging around ALY for a couple of...

I agree Fib.

I have been hanging around ALY for a couple of years now but for 1 reason or another I did not buy. I have now taken a smallish position.

I have wondered for some time now about company disclosure where there is a JV in place. SFR/TLM is a good example, as is IGO/TLM. Companies have a duty of continuous disclosure, so that if any 'material' thing happens ie price-sensitive then it has to release that info to the market straight away or call a TH.

Here, IGO is doing the drilling, spending the money and I would expect also determining 100% the exploration program. We could also expect that IGO would control the news flow.

What is interesting here is that what is not 'material' to IGO may yet be 'material' to ALY. The market caps really dictate that. IGO has a MC of $800m and ALY has one of 5m.

The question is: Does ALY have a responsibility to disclose to the market even though IGO doesn't? Does anyone know the answer?

The other relevant factor is the matter of confidentiality between the 2 companies. That is to say, IGO may be keeping ALY informed of progress but ALY is prevented from disclosing because of their confidentiality agreement. However, it could be the case that IGO does not have to keep ALY informed at all.

I would appreciated comments. You seem pretty savvy Fib, what do you think?