Ann: $500,000 Convertible Loan Agreement, page-104

AZK have underwritten funds to take to listing their proposition. Metals X are proving to be fully behind them. This is de-risk. They also currently have very valuable (Mauitania) assets under DD which is highly likely to bring in more funding. Even if the deal does not come to fruition they are funded and hold the assets.

The valuation you are attributing of $100m fully diluted will only be upon achieving future milestones and listing. So this would be a further derisked company. The current market cap is $30m with 25% of milestones achieved.

14.5c is oversold as many are taking a haircut because of extended timeline. Not only does the market punish a stock for delayed timelines, it also punishes the stock for the credibility deficit of a delayed timeline, pricing in the risk of further delays.

The SP appears to have found a floor here. The funding has been established and Peter is back in the lab.