Ann: Resource Drill-Out Completed at Oposura, page-27

I find all this criticism of Tony quite illogical and unjust. I have been in Azure for about five years, and in this time span he has progressed many undeveloped projects to an advanced stage. Mesa de Plata and Loma Bonita have developed from complete absence of knowledge to JORC compliant resource statements. Similarly with Cascada.

Due to the conditions of the Joint Venture with Teck, further development of MdP and Loma Bonita were suspended while other targets in Alacran are examined.

In late August 2017 Azure acquired Oposura and Sara Alicia. In the subsequent seven months Azure have advanced exploration significantly and by late May or early June, there will be a resource statement on Oposura. All of this has been achieved by drilling. Soothsayer, there is no other way to explore and develop projects except by drilling. Without drilling you have nothing.

In my opinion, I am very pleased with the work Tony Rovira and the Azure team have done. Patience with the exploration and development process is needed. If you are dissatisfied, get out of Azure, and invest in BHP or RIO where mining is underway.

I have seen and have experienced the significant rewards that can occur from resource development companies. I have a significant investment in Azure, and for the moment I am not selling.