Ann: Half Year Accounts, page-11

Unsure if this may be of interest to others but I've had a brief look over Capricorns announcements from the last few years to try and better understand at what point the SP seemed to 'breakout'. What I found interesting was that it was almost 2 years after their initial feasibility study before the SP really seemed to take off (Study in October 2017) . It looked like the catalyst was a pvt placement of $65m in Aug 2019 (for their mining development). If AZY is following a similar trajectory it might help explain why we haven't seen much growth in the SP considering all the great news we've had.. it might also help set some realistic expectations around the SP for the short to mid term =/