Widgie Nickel LTD, page-706

Azure Minerals are similar to Widgie in that they were primarily focused on Nickel before discovering lithium bearing pegmatites last year on their Andover exploration license. Like Widgie, their Pilbara tenement is relatively close to established infrastructure including a port (Dampier). The first two screen shots below show the first rock chip assays from October and November 2022. The third screen shot details the third set of rock chip sample assays across numerous pegmatite outcrops announced in January 2023. The fourth screen shot is of the first drill hole intersection of lithium bearing pegmatite from more than 300 meters downhole - 7.2m @ 1.51% Li2O. The fifth screen shot is yesterday's announcement which saw the share price double. When Azure first announced the lithium bearing pegmatites in October 2022 their share price was 25 cents - it is now $1.07 and the company's market capitalization is now circa $360 million.

For comparison the 6th screen shot is Widgie's first announcement of lithium bearing pegmatite rock chip assays from 3rd October 2022. The assays appear more impressive than Azure's first batch of results. Widgie's share price opened at 34 cents before retreating to 24.5 cents on the close. The share price started to climb from mid October to its peak of 58 cents on the 2nd of December which was just before the release of the first batch of disappointing drillhole assays on the 8th of December - refer screen shot 7 below. The share price dropped back to 41 cents on the 8th of December. Subsequently we have had the disappointing maiden Faraday resource announced in March, which in the absence of a DSO contract with the Chinese is sub economic and we have a share price at 23 cents.

Azure weren't sucked in by the prospects of rapidly developing a DSO pit. Instead they have gone deep and discovered wide and high grade lithium bearing pegmatite and the market likes it. Looking at screen shot 8 below which depicts a cross section of Faraday (from the maiden resource announcement on 29th March), I don't think there is much promise of anything improving at depth. It looks to me that Widgie should walk away from Faraday and concentrate on nickel. Either that or find another lithium bearing pegmatite that might resemble what Azure Minerals have found at Andover.

Aside from anything Noregaard needs to improve his communication and stop sending mixed messages. The market will always punish flip flopping outfits who show a tendency to jump onto the latest band wagon.