Ann: Appendix 3B, page-13

Sit tight and wait for Ibaera to spend their money and deliver increased resources, reserves and an updated feasibility Study with lower capex, lower unit costs and much higher NPV.

Ibaera is a private equity group and are unlikely to want to actually build a mine.

So, once they have fulfilled their obligations, the project will probably be put up for sale.

Given that Private equity people like to generate multiple bagger returns, this would or could precipitate a bid for AZM or the project could be sold out and capital returned to shareholders.

At 3c this thing looks pretty cheap with the gold price where it is and with the project having been materially enhanced and advanced via the Ibaera involvement and expenditure.

Could we get 10c a share or is it worth more????

GLTA.