Ann: Quarterly Report March 2018, page-11

Oposura keeps sounding better and I have always thought the Alacran arrangement is pretty good. Teck is a major and so goes for good prospects. There are promising indications at Sara Alicia and Promontorio is hanging around in the background waiting for a farm-in.
I have difficulty in classifying AZS as a zinc company, a silver company, a gold company or a copper company although Zn looks like the first to be produced.
Assay results from Alacran are due any time now. There is the possibility that these are not as good as hoped and leaks from inside Teck/AZS are responsible for the drop in SP. Even if so, Oposura should be enough on its own to more than justify current pricing.
I picked up a few more with the price drop today, to more than overcome the dilution from the recent issue to selected investors but at a much cheaper price. I find the recent falling away in the SP to be strange but if people want to dump them so others like me can buy, then I am not complaining.
There has been a 20% dilution since late 2016 (1,672B shares pre-consolidation and $110M now, post consolidation) but market cap. has gone from $33M to $27M today with cash on hand dropping from $12M to $6.8M now. That is $14M loss in value by capitalisation if we add in the $8M raised in the issue, and $13M loss of cash. In other words it appears that the company is being valued on a cash in hand basis. I have not checked how much of the cash has gone into direct exploration expenditure.