Ann: Teck starts drilling at Alacran, page-38

Spec market is worse than it’s been for years. This is due to commodity prices hovering at multi-year lows (partic Zn & Cu), and concerns about the escalating trade war and Chinese demand

The state of the macro environment will make it more challenging for Azure to raise cash it needs to fund mine development (and next round of opex).

Oposura is a marginal mine (at best). There are better projects (better grades, lower AISC, superior all-round economics) that struggle to attract capital in this current climate. Who will be prepared to pour money into AZS?

The next round of CR is due prior to EOY. It will be underpinned by a PEA showing higher than expected strip-ratios and grades consistently landing at low end of expectations. It will factor in commodity prices at a nadir of the cycle.

At what price point do you think the CR will be set? Be honest with yourself. keep that figure in your mind. Now tell me, what effect do you think raising at this price will have on the SP? Unsure? What effect did the last ‘low-ball’ CR have?

Guys, I’m not wanting to sound unduly negative, but the company seems to have positioned itself in a negative feedback loop, and I can’t see any positive outcomes for existing shareholders along this current trajectory. I hope I’m wrong