They are not detailed in the SOI + Oppies on issue sections of the annual report as they are yet to be issued and are contingent on future circumstances. As noted above the 1st tranche of 12.5M oppies are to be issued ~15th June 2025 (i.e 2 yrs after ~15th June 2023 announcement of engagement of OMG).
GRE note the engagement of OMG but give no details (p6 Annual Report). One has to go back to the June 15 annocuement for that.
It is definitely a bit sneaky not reporting the 40% of Fully Diluted Shares (50% of Shares on Issue) that the contingent oppie issue to OMG represents at present time, but it is not illegal to not report.
It is however something people need to VERY MUCH keep in mind when calculating market cap and potential return.
Peopling thinking this is a 30M market cap stock (as headlined here by Hotcopper which is undiluted MktCap) are making a grave mistake. Getting to AZS market cap ~ $1.8B is not a 60x return from here, but only a 14X on a Fully diluted basis (including OMG oppies). Adding in shares that will inevitably need to be issued to support ongoing exploration and realistically this is a 6-20X at present (depending on success and sequence of success).
What if only skinny pegs get drilled in the first 3 months ? (crash have to raise low) What if some fat ones like AZS get drilled in the first 6 holes? (runnaway raise high) what if a lot of Li is in mica etc.
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