Ann: Notification regarding unquoted securities - AZL, page-4

I've been a long term holder and this announcement is of real concern to me. Most on this forum agree management have been very poor in communicating status and progress, leaving us to assume no progress or endeavors being unsuccessful, still waiting on BLM approval and completion of scoping study .... Sadly, this announcement confirms my worst fears. Look at the presentation of December 2021, available on the website. Q4 2021 Scoping study on Big Sandy Project to commence, Q1 2022 Commence design & construction of Research facility near Phoenix to process Big Sandy sedimentary material, Q1 2022 BLM drilling approvals and commencement of drilling at the Big Sandy project !!!

Now management, not having achieved their own stated 12 month goals, appear are putting vesting conditions to benefit and reward themselves, and after not having delivered on their objectives as stated in the presentation referred to above. Scoping study completion target now August 2025 - 3 years after having had to delivered scoping study ?? The PFS a year later, 2026 and BFS only in 2027 ...!!! If my understanding and interpretation are indeed the case, how can the Board accept this? If management failed to achieve targets, you can't simply re-set with no consequences. What messages should we as shareholders derive from this ?

I think I have lost all faith in this management team and time to cut my losses and move on