Ann: Citadel Joint Venture Project Update, page-2

At risk of sounding annoyingly positive:

1. The low-spend on Citadel this year means only a small dilution for AZY at a time when they are focused on higher impact drilling at Minyari
2. The 2nd half of year date minimises the distraction of this program from the more immediate Minyari work
3. The return of operatorship to AZY lowers the overheads so putting more of the proposed budget into actual drilling
4. Operatorship also pays Antipa a small cost-plus fee and ameliorates some of their fixed costs (eg. geologist and management salaries, charged out to and paid for by Rio).
5. The targets are good new exploration targets in the already promising Rimfire area.

A map would have been good though, as I have no idea where Junction is.

It would also be interesting to know what preliminary geochemical work has been done and what is being targeted at Rimfire SW apart from the Synclinal magnetic structure, which looks like it is apparent on previous images of the Rimfire area.

Ongoing processing, interpretation and potentially drill targeting of CY22 geophysics and drilling is also encouraging and may yield further drill targets by the time the RC rig is in the area in H2 2023.