Azure purchase a prospective tenements and then try to add value...

Azure purchase a prospective tenements and then try to add value to that asset via targeted and strategic exploration. They either catch a hail-Mary pass and hit the motherload, or alternatively, they pack up their drilling equipment, raise more cash via an equity raise, and move onto the next target. Rinse-and-repeat.

Fortunately on this latest project they did their cap raise mid-project (during a POG-spike and when expectations re project outcomes were high), rather than after the Rio decision. A CR now would obviously have been diabolical for all concerned.