Ann: Appendix 3B, page-9

Are we seeing the first signs of a turning of the tide and revaluation of AZM? Still a risk play that is impacted by gold price but with some great key parties and management with equity interests involved in driving the feasibility and scope for mine development there is plenty of room for this company to take a run. To think it used to be $80m market cap in much earlier stages and now we near the final stages of negotiations to get some mine development happening.

Any indication that they can get development financing sorted, obtain govt incentive support and keep cost structure minimised will see this move again.