Ann: More Broad High-Grade Lithium Intersections at Andover, page-119

Very positive view from Bell Potter with the $3 target over next 12 months - it is noted no allowance is made for resources from undrilled targets. - quotes from them in latest research note which takes into account the 30 June assays

"AZS offers exposure to a very-high potential WA Li exploration project, in the early stages of exploration, and we think it’s undervalued given the clear upside. In our view, PMT (not rated) is a good yardstick for how value might be recognised in AZS over the next 12-months. We see a high probability chance of a >100Mt Li Resource, plus an undervalued option on the discovery a >200Mt Li Resource."

"with no value ascribed for: i) the Li exploration upside from undrilled targets, or, ii) the nickel / copper Resources. Additionally, we ascribe no value to: iii) possible future downstream processing margins, iv) any potential takeover premium, or, v) any possibility of higher SC6 prices above our long-term forecast US$1,400/t (spot: US$3,650/t).

"We think AZS, has an excellent chanceto demonstrate that Andover can make the list over the next 12-months" ie of WA deposits over 150mt.