Ann: Exceptional Lithium Drill Intersections from Andover, page-289

If you review the SP history of PLS, LTR and KDR it was very volatile along the journey to 10 and 100 baggers. The SP was heavily influenced by price of lithium and sentiment to lithium stocks.

The same will happen for AZS along its journey. There will be times when the SP will run ahead of itself (has it now) and will be an opportunity to sell and buy back in at a lower price.

With the next assays due by end of June I am not expecting the SP will drop significantly from current levels and may even spike after the next assays if they are better than the first ones (which I expect them to be). At some stage in the next few months the SP will probably stabilise.

Interesting PMT MC is currently $A2.3b and Barry Fitzgerald stated today in an article that the rough expectation for PMT's maiden MRE is about 150mt @1.2%. It will be interesting to see the PMT SP reaction to such a resource as it will probably guide views on what could happen to AZS SP if it announces a 100mt MRE around the same grade later this year. Taking 60% and two-thirds of PMT $A2.3b MC gives a SP of $2.35 for AZS possibly late 2023 - it depends on the price of lithium (which I have read is predicted to increase throughout 2023) and whether an Australian project will attach a premium.

Barry Fitzgerald stated that PMT's SP has been going well recognising that their project is a rare beast (which they are) - let's hope AZS will be in that league in the next year.