News: AZS SQM Says Proposed Acquisition With Hancock Prospecting Of Azure Minerals Ltd Has..., page-7

Indeed yes - the Independent Expert was instructed to use the existing exploration target size that is now over 12 months old and is ignoring all the recent drill results and the likely possibility that an updated mineral resource calculation may be higher in tonnage than the original Eploration Target.

At the time of release, I thought the Exploration Target figure was a bit optimistic but all the subsequent drilling has essentially made that original figure look like a conservative number, and the likely range is on the upside. Several posters on here have been able to make a case for their own calculations with justifications based only on public information but it seems thats a bit too much hard work for the independent expert who would presumably have had access to the entire current drill database.

@aposteriori - some interesting arbitrage thoughts there, for the arbitrage upside case, can you share with us who you think is likely or possible to insert themselves into the bidding process?