SP discussion., page-30

Opasura is a very risky & marginal tenement imo. the market hates it.

Alacran has an economic resource, but the company lacks the funds to develop it. A sale to Teck might be a possibility, but who knows? It’s a throw of the dice. Could (probably will be) years from now before that question is resolved

Azure faces some ugly realities in the short to medium terms. it’s these factors that are brutalising the share price at the current time:

In the short-term (next several months) the company needs to raise cash to keep the wheels turning. This is likely to occur prior to the next alacran update, and in the context of correcting global financial markets, ailing commodity prices and a collapsing shareprice

The bottom line: the next raise will be at a bargain basement price

in the medium term (next several years) the company needs to print enough new shares to finance a very large part of capex/opex for the Oposura mine (ie multiples of current market cap in new equity)

This has the potential (likelihood?) to blow out the register and further collapse the share price, locking in value destructive permanently

These are my views on probable short to medium shareprice trajectory, considering emerging macro conditions, commodity price forecasts and the company’s current position in the mine development cycle