AZS (ASX) Banter and general comments

I went to the Battery metals forum this afternoon where Tony presented. I was lucky and arrived at 3.30 and saw Tony straight away and spent 15 - 20 mins or so talking to him. This is what we covered and what was in his presentation as best I could remember (it is possible my memory mixed up some facts so do not hang your hats on any details below):

- heritage approvals - he is waiting on formal approval which he expects in the next week or two- he is expecting to have the first RC rig on site in about 2-3 weeks and he expects to have most RC rigs on site by end of June

- assay results - he was initially told 4-6 weeks by the labs but the labs are now telling him it is going to be 6-8 weeks - we should hear by EOMay. Labs are very busy

- in the presentation he stated he expects very high Li assays from the areas of visible coarse spodumene (I took that be be at least 1.5% or even closer to 2% Li (it depends what he calls very high grade)

- they have completed 12 drill holes to date for Li all DD- in the presentation he showed a slide with the holes to the right of hole 204 (could not see how many but it seemed that all new holes may be in this area but not near hole 199 but I may be wrong but clearly most were in this area.)

- in the presentation he had a white square box on a map which showed where they can drill and it seemed to include all of AP0012 and possibly AP0011 and other pegmatite outcrops but it was difficult to make out (ie before heritage approvals)

- they have been drilling from the top of pegmatite outcrop AP0012 directly down - I may have misinterpreted him but it seemed it there was at least one vertical hole plus

- he stated in the presentation that SQM invested in AZS to have a top 10 lithium deposit in the world not a 10mt deposit

- re the dip of 10% to 20% of the pegs (I asked him how he could tell - he stated it was from the analysis of the outcrops) - he told me he expects the dip to vary from 20% to 60% based on recent work. He also confirmed they are stacked unlike a few other deposits like Mt Holland.

- I asked him if interest has picked up and he responded that it has but not significantly- he then added that in his view AZS is very much running under the radar and if they come out with 50m at 1.0% Li a lot of interest will be generated (this implied to me if they achieve something like this the SP will increase a lot). IMO 50m @1% is possible or close to it but definitely not a certainty

- not currently drilling for Ni as Li is the priority - he expects to be drilling a high priority Ni target at some stage but it will be like drill 2 holes, think about the results then do 2 more etc.

- Ni SS will be out soon and if positive will proceed to PFS.

- He is presenting at the RIU conference in Sydney on Wednesday and has one on one 30m meetings with 10 brokers tomorrow

IMO If AZS is picked by some brokers as a buy and good assays are published then the SP will go up a lot.

Lastly he told me it’s looking positive on the Li side.