That's a little harsh there Haplo.
There is plenty of valuable information in there which is not suitable for announcement to the market, because there is so much that is not settled.
Supplementing anns with interviews is a way of keeping us informed while being able to give a cohesive narrative about what remains on the table.
ONE: Promontorio Cu is NOT a closed book.
Look at his precise words:
other copper majors retain a strong level of interest in the project, so we’ll see where that takes us in 2017
You'd expect that those Cu majors are currently running the ruler over the project. Remember Tony R's words in the previous ann to the effect that Promontorio didn't meet Rio's strict criteria.
Remember the price of Cu is going up, and other companies may have less stringent guidelines.
He hasn't mentioned the close to surface Au at Promontorio and the Cascada deposit at Promontorio and whether the Cu majors would look at them or carve it off. But he mentions elsewhere in the article that AZS has $11mil in the bank and is looking at JVs to develop. There are a number of possibilities and spelling them out could be a complex proposition.
To summarise one possibility is a major picks Promontorio up. Will they incorporate the surface Au and Cascada or not? More possibilities.
If they don't, then we can partner with a medium producer for the surface Au and Cascada. I think we had a DFS on Cascada but there are so many developments it's hard to keep track.
TWO: Alacran has a serious chance of being a Cu deposit, (with the Ag and Au the icing on the cake)
Having explored the property for the past two years, and successfully discovered two silver-gold deposits, Azure’s geologists also rate the copper prospectivity very highly.
As you know I've been using the cake and icing analogy for some time. With AZS doing the trick of persistently finding Cu porphyry, and Teck spending $10mil in a much more prospective area than Promontorio, in many ways it's a good development, (unless you're impatient for results, Carmat and I know how that feels but I'm a long way from despair).
There have been indicators about the Au in Alacran. Nothing is being specifically mentioned, but it might be of interest to Teck. As I've said before, Teck went after the wrong metals previously. I don't think they're going to make that mistake again. Look at the outlook for Ag and Au.
Like carmat, I'm a LT holder of AZS. It won't kill me to wait while we find out if we're on top of a monster or not. I can live on rice cakes and jam quite a while before rickets sets in and I move into a caravan.
THREE we are a player in the Region
Apparently Promontorio is not big enough for Rio. OK. But the fact remains that AZS is finding the Cu porphyries. This makes us a player in the region.
Look at his precise words
Our goal is to acquire an advanced project that has mineralised drill intercepts and possible also mineral resources.
We are proactively pursuing several precious and/or base metal projects that we’ve previously identified as having excellent potential.
In addition, word has spread of our search, and numerous projects are being offered to us.
Now it’s a matter of sorting the wheat from the chaff and our geologists are busy undertaking field visits to review the projects. It’s not a matter of grabbing the first or second project that comes along, it’s important that we use this opportunity to get the “right” project and set the company up for a long and prosperous future.
Simply put: these guys are busy.
Haplo I understand your impatience, and nobody would be happier than me if the SP took a sudden lift into the stratosphere, but it's not as if the company is run by incompetents, and we're sitting on, and looking at dud sites, is it? Far from it.
So we have to wait for the Ag and Au to be developed. The bird in the hand has to wait while we decide if we have several thousand in the bush. I'm reserving judgement why this has to be a bad thing, apart from the delay factor. If Teck can find us a big resource, we perhaps shouldn't mind that they are spending their $10million and not ours. It means we can get on with our life with other projects. Yes the SP hurts. We have to manage that.
FOUR: listing with TSX delayed only
Azure is still considering a TSX listing, because with our focus on Mexico, it is a natural fit for North American investors. However, with Teck exercising their back-in right on our flagship Alacrán Project, the immediate imperative has lessened until we have acquired the next major project. Hopefully that will be soon!
The next acquisition is going to be a big one. I've previously suggested a merger with a medium TSX miner is not impossible. I wouldn't mind a rerate to take the sting out of consolidation. They're chosing carefully. Stay calm and don't lose your head is all I can add.
