Ann: Investor Presentation Video, page-48

“...Personally I wonder if the exploration potential was so good at Oposura, why are they charging at great rate towards a scoping study? Normally the size of the ore body is determined fully before a feasibility is conducted. Getting the mine scale right (maximised) is such a huge factor in mine economics. The exploration extensions are close to surface - why not do another 3 months of drilling and see what is there? And then assess the project?”

Possibly comes down to lack of funding

Azure cannot afford 3 additional months of drilling with current cash reserves and cannot raise equity finance without first completing a feasibility study to show the economics of Oposura