Ann: Investor Presentation, page-43

I don't think Azure is seen as a company that drills holes. When was the last hole they drilled? Last year? The problem is, they are a company that is not seen as doing anything much at all - except issuing a flood of new shares every few months and talking talking talking

They are perpetually focused on the next big thing. Buying new projects and then leaving them unfinished. San Augustine, Telix, El Telcolote, Loreto, Panchita ... what's happening with these tenements? How does the company justify the time and expense involved in buying them? Why are they desperately seeking new projects now when we have these? What was the point?

It's been a long 6 months since the Teck decision. The company has spent millions of dollars on salaries and travel and tinkering around at their various sites. There's been zero evidence of belt tightening. There's been zero evidence cashburn has been spent in an accretive way.

At the AGM Tony will no doubt want to focus on MDP exploration success. I don't believe that will cut it. He's in for a rough time.