Ann: Quarterly Activities Report for Period Ended 30 June 2014, page-7

The quarterly doesn't specify when the non-binding agreement occurred except during the June quarter. I also like that the agreement is with a major mining company and that it's with it's preferred joint venture partner.

That indicates to me they may have had the upper hand in negotiations and possibly have a good chance of getting what they want from the deal. IMO of course. Looking for good news flow over the next couple of months.

During the June Quarter, Azure reached non-binding agreement on commercial
terms with its preferred joint venture partner. The negotiation and documentation
process is continuing.