Ann: Azure Minerals - AGM Presentation, page-4

Surprised to see Tony & Co emphasising the previously-asserted claim that the ‘mine at Opasura WILL be built’

Tony made similar comments after purchasing Opasura iirc, and again prior to finalising the scoping study. Now he ‘s reaffirming it again before even conducting PFS or DFS.

Crazy stuff imo. It’s like he already made up his mind regardless of what feasibilities say, what commodity price does, or what effect CR may have on holdings of current shareholders

He seems to have a laser focus on becoming CEO of a mineral producer. I suppose it would be a feather in his cap and high-point of his career (He’d probably command a larger remun package too)

This was the main reason I sold when I did. In my mind it seems the co is going through the motions with the studies and feasibilities. I don’t believe they should approach the project like this

in any case, I personally wouldn’t place weight on off-the-record AGM comments to the effect that, ‘whatever happens with commodity prices isn’t critical to the success of Opasura’ (paraphrasing here, obviously)

All gladhandling aside, the actual effect of deteriorating zn & lb price /sentiment on the feasibility of Opasura is written in black and white in the company’s own scoping study.

On this point, I find it somewhat disingenuous the co continues to use 2018 ‘high water mark’ metal prices to derive NPV when current spot and futures are so far below this. It creates a distorted sense of value imo