Ann: Successful $5M Placement, page-45

I agree with your outlook on the best way forward for a small cap explorer that wants to become a producer. Unfortunately, AZY has repeatedly stated that it intends to become a producer and started the PFS with that goal. Although it's been put on the back-burner, it is still AZY's official position.

Some people say that doing a PFS is only a way to show how serious AZY is and how good the potential of their resource must be, thus making people want to buy shares. If that was the strategy, it clearly hasn't worked. So, continuing with the PFS and the stated plan of building a mine are still the official position.

That's where @craigasx123's comment comes in about the level of debt or new shares required to build a mine. It's a valid, realistic one that holders should think about. If AZY had to sell new shares at 1.3c just to raise $7m to keep normal operations going to the end of this year, the number of new shares and debt they'll have to take on to fund a $300 million project would render AZY shares utterly worthless. I think that's what the market has in mind and why today you can buy shares for less than the CR price.

I think the management's prayer is that they'll make discoveries so huge in this season (that's only a few months) that their upgraded resource will make people rush to buy shares, so the next CR will be done at a higher price. To my thinking, it's a forlorn hope. None of their previous discoveries have done anything but send the share price down.

Now AZY has backed off the hype of Minyari being a "tier one, game-changing, company-making" asset and shifted focus to Tetris, GEO-01, etc. Could be. Or maybe it's just a repeat of the Minyari spin without the delivery. For those who think the current price is a bargain and can only go up from here, remember that's also what people thought at 6c, 5c, 4c, 3c, 2c...