Nonsense. Not only is Azure a non-producer, but any plausible...

Nonsense. Not only is Azure a non-producer, but any plausible production is years away - if ever. So movement in commodities will have negligible bearing on this stock.

Also by definition, a bull market is a rise from low to high in a set period of at least 20%, and bear market a fall from high to low of at least 20%.

If you assume the commodities you mention are in bull markets by rising at least 20% last year, then I contend Azure was in a bear market the moment it dropped by over 20% late last year, from the highs of $1 in Nov 2020. This bear market was confirmed by an additional drop of 30%.

Which means sustained falls are ahead for Azure, unless their drilling surprises to the upside.