Extract from Bell Potter Azure Minerals Ltd research note dated...

Extract from Bell Potter Azure Minerals Ltd research note dated 7 August 2023, p9.

“Andover Lithium Project: exploration drilling at Andover has returned broad and high-grade lithium mineralization, from surface to a depth of 400m below surface, and is interpreted to continue over a greater than 2,000m strike length, at the first Target Area (TA) drilled of the first three identified large areas containing multiple parallel lithium bearing pegmatites, with more expected to follow. AZS has estimated a Lithium Exploration Target of 100Mt-to-240Mt at 1.0%-to-1.5% Li2O. Considering exploration completed to date, we think potential future Resources could exceed 250Mt, and Andover could become one of Australia’s largest hard rock lithium deposits”.

Based on today’s share price and the Australian peer on peer’s sector JORC resource average EV value of ~$1,209t Li2O a resource of only 0.86Mt contained Li2O or ~72Mt @ 1.2% Li2O has been factored into the current AZS share price. (AZS 60% ownership ~0.52Mt or ~44Mt @ 1.2% Li2O only).

Simply that’s what I’m talking about, looking forward to those spod oresome RC/DD drill intercepts next week. That recent BP share price valuation may be achievable much sooner than later. Accumulation time again … Bye …

……………………………………………………………………………………………….……
Sometimes the questions are complicated and the answers are simple.
~ Dr Seuss

“Make no mistake, the Andover Li Project will be a Tier 1 Top Five hard rock spodumene bearing lithium deposit with potential for a 300 to 400Mt resource with many more fertile pegmatite zones within the overall swarm to be drill tested sooner than later. Watch this space with dollars in eyes … strong Bye …”, ~ You Know Who

“60% of a potential Top Five Tier 1 Hardrock Lithium Deposit is better than 0% of F all”.
~ You Know Who