Ann: Investor Presentation Video, page-40

There’s absolutely zero evidence Op has makings of an economic mine. To the contrary, the tenement is extremely small. Exploration to date shows patches of high-mineralisation but discontinuity and voids will be highly problematic to profitable resource extraction.

Assays and resources estimates to date have landed toward bottom of company’s own expectations. This is why the share price has dropped after announcement of the results. This is why the shareprice is hovering near All Time Lows.

Even if the co manages to eke a small profit from this little patch (eg by negotiating ‘scrape and truck’ arrangements which while reducing capex will also slash margins) the mine is likely to be v marginal imo, and cost of transitioning to producer-status will be shouldered by existing shareholders (via dilution)

There is simply no way a microcap speckie with no revenue and no real assets will fund this mine via debt or offtakes. If you disagree show me examples where this has happened before. Nope. Capex (many times existing market cap) will be funded by issuing new shares (ie dilution)

Risk-reward for Azs is terrible atm imo, so much risk and so few opportunities for positive rerate over the next several years.