Top prize for Azure Minerals, page-13

Hi aposteriori

In my valuation of AZS, these days, I completely omit Promontorio. Perhaps one day, as you say, something will come of it.

I don't hold anything against TR for talking it up back then. Not an easy position for him to have been in... he would have known the drill was hitting Cu but that it was deep... but business being so, he was waiting like everyone else to see Kennecott's final decision.

My investment decisions were influenced by his public statements and if he had been more candid I would not have put nearly as much into AZS that I did... so now I am a little more cautious. That being said... I still eventually managed to do OK and have some hard won free carry in AZS and I have bought again recently. The arguments presented in the above video seem sound enough and in my assessment of AZS it is currently trading well below intrinsic value. If the Sara Alicia results are pleasing and Oposura proceeds as advertised then I don't see any problems.