Ann: Investor Presentation Video, page-39

R&P is a 'relatively' cheap, ?cheapest method of UG mining but as with any mining method any complexity adds to cost.

There definitely are complexities at Opasura (as in most deposits) plus the grades have come down from the exploration target of 10-12% combined to 7-9%. So the issue is whether UG can be mined economically .

I suspect it can be an UG mine, but suspicions don't get AZS $??30-50M to go ahead. So as I say the detailed studies will be needed to show UG viability.

The open pits as shown appear to be quite significant in size and probably with strip ratios in the order of 5-10:1 at least. Higher strip ratio = higher cost but nearly 100% mined and will also be subject to intense study to optimise profitability.

AZS themselves won't (can't is more true) come out and definitively say they can mine Opasura at the moment so for us to discuss viability is speculative and mostly subjective.

As an ex exploration geo terms like deposit, ore, waste (this is what UG material at Opasura becomes if not economic) have very specific meanings that are fairly strictly defined and should be used very objectively. As with any science there is a range of views on definition that can lead to intense debate.

For AZS I hope (very unscientific) Opasura becomes a mine after the studies are done and money raised.