23 Nov

Annual General Meeting Presentation

ANDOVER: AUSTRALIA’S NEWEST NICKEL-COPPER SULPHIDE DISTRICT 23 November 2021 Annual General Meeting 2 Disclaimer & Statements Disclaimer - Forward Looking Statements This presentation has been prepared by Azure Minerals Limited. It contains background information about Azure Minerals Limited current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. 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ADVANCING ANDOVER TO MINE DEVELOPMENT Acknowledgement of Country Azure Minerals acknowledges the Traditional Custodians of the lands on which we operate our projects We recognise the unique cultural heritage of Aboriginal people and their continued connection to lands, waters and communities We pay our respects to all Aboriginal people, and to Elders past, present and emerging 3 ACKNOWLEDGEMENT OF COUNTRY 4 ADVANCING ANDOVER TO MINE DEVELOPMENT ESG • The Andover Project has the potential to become a major nickel-copper sulphide project • Azure is dedicated to developing Andover in an environmentally sustainable manner • As Azure explores and develops Andover, the Company will be guided by best practice ESG principles and leading global frameworks • The Company has commenced integrating ESG into future strategic planning and long- term risk management • Key ESG objectives and targets are evolving, with a clear focus on achieving positive impacts across the local communities and stakeholders where Azure operates. An ESG policy and roadmap will be released FY22. 5 ADVANCING ANDOVER TO MINE DEVELOPMENT Corporate Snapshot MAJOR SHAREHOLDERS Deutsche Balaton 17.3% Creasy Group 16.2% Harmanis Holdings 1.6% Lowell Resources Fund 1.4% Directors & Management 1.5% Top 20 49.8% CAPITAL STRUCTURE AND FINANCIALS ** At 30 September 2021 DIRECTORS Brian Thomas Chairman Tony Rovira Managing Director Hansjörg Plaggemars Non-Executive Director Annie Guo Non-Executive Director KEY MANAGEMENT Brett Dickson CFO & Company Secretary Graham Leaver Exploration Manager James Dornan Project Development Manager 310M Shares Options: 6,250,000 @ 20.5c – 65c Cash: ~$24.7M** Debt: Nil Market Capitalisation $110M (@ $0.36 per share*) * At 22 November 2021 NICKEL ANDOVER NICKEL-COPPER PROJECT (60% AZS / 40% CREASY GROUP) Azure is partnered with Mark Creasy and the Creasy Group to explore and develop the Andover Ni-Cu Project The Creasy Factor: Bronzewing Gold Mine Jundee Gold Mine Nova-Bollinger Nickel Mine (Sirius / IGO) Mawson Nickel Discovery (Legend Mining) Silver Knight Nickel Deposit (Creasy Group) Fraser Range Nickel (Galileo Mining) 7 ADVANCING ANDOVER TO MINE DEVELOPMENT ANDD0003 4.09% Ni 0.29% Cu Matrix to massive sulphides Andover – nickel-copper project First class infrastructure & logistics nearby 8 Competitive advantages of Andover Good access into & throughout project area Great location: 2.5 hours from Perth ADVANCING ANDOVER TO MINE DEVELOPMENT Layered mafic-ultramafic intrusive complex - similar to Fraser Range, Julimar & Savannah CONFIRMED Fertile, target-rich environment for nickel & copper sulphides Electromagnetic conductors coincide with massive Ni-Cu sulphides Resource drill-out of first deposit - VC-07 East - completed Drilling at VC-07 West & VC-23 underway; soon at VC-18 9 What makes Andover so attractive? (Refer ASX: 10 December 2020) ADVANCING ANDOVER TO MINE DEVELOPMENT VC-30 VC-41 VC-07 VC-18 VC-31 VC-32 VC-23 Numerous EM targets yet to be drilled VC-07 – Andover’s first Ni-Cu discovery 10 VC-07 EAST VC-07 WEST Mineralised corridor: >1,050m long x >500m deep Identified by multiple EM anomalies & outcropping gossans Host horizon & gossans outcrop further to the east Diamond drilling to date: 120 holes = ~56,000m ADVANCING ANDOVER TO MINE DEVELOPMENT EAST ZONE WEST ZONE E EE VC-07 mineralised corridor 11 ADVANCING ANDOVER TO MINE DEVELOPMENT • VC-07 East deposit ? Starts at surface ? ~400m long x >550m deep ? Excellent internal continuity ? Mineral resource drill-out completed • VC-07 West mineralised zones ? Multiple EM conductor plates hosting Ni-Cu sulphide mineralisation (eg: ANDD0045) ? 4.5m @ 3.95% Ni & 0.80% Cu ? 7.5m @ 1.39% Ni & 0.45% Cu ? Drilling continuing 400m 500m E EE A B D (Refer ASX: 2 August 2021) VC-07 East Ni-Cu sulphide deposit 12 Internal high-grade zones: • 4m – 8m wide @ 2.0% Ni to 3.0% Ni ADVANCING ANDOVER TO MINE DEVELOPMENT Overall mineralised envelope: • 15m – 30m wide @ 1.0% Ni to 1.5% Ni VC-07 East – recent drill intersections 13 INTERNAL HIGH-GRADE ZONE OVERALL MINERALISED ENVELOPE 4.8m @ 2.18% Ni & 1.06% Cu within 18.2m @ 1.14% Ni & 0.62% Cu (ANDD0063) 7.6m @ 2.38% Ni & 0.29% Cu within 33.6m @ 1.30% Ni & 0.61% Cu (ANDD0068) 3.5m @ 3.99% Ni & 0.36% Cu within 18.7m @ 1.51% Ni & 0.60% Cu (ANDD0069) 4.8m @ 2.63% Ni & 0.43% Cu within 19.6m @ 1.46% Ni & 0.40% Cu (ANDD0070) 7.1m @ 2.16% Ni & 0.74% Cu within 10.8m @ 1.70% Ni & 0.78% Cu (ANDD0079) 6.5m @ 2.28% Ni & 0.55% Cu within 13.7m @ 1.55% Ni & 0.54% Cu (ANDD0083) 6.0m @ 3.21% Ni & 0.96% Cu within 15.2m @ 2.32% Ni & 0.96% Cu (ANDD0087) 4.6m @ 3.63% Ni & 0.51% Cu within 11.4m @ 1.85% Ni & 0.49% Cu (ANDD0088) 4.8m @ 2.24% Ni & 0.59% Cu within 10.8m @ 1.33% Ni & 0.73% Cu (ANDD0088) (Refer ASX: 13 September, 12 October & 9 November 2021) ADVANCING ANDOVER TO MINE DEVELOPMENT 14 EM surveying is driving current and future exploration Multiple electromagnetic conductors detected by airborne (VTEM), surface (FLTEM) & downhole (DHTEM) surveys Drill EM conductors = hit Ni-Cu sulphides No false EM positives to date: VC-07 East, VC-07 West, VC-23 Why Andover Excites Azure Numerous EM conductors yet to be drilled ADVANCING ANDOVER TO MINE DEVELOPMENT Do all EM conductors = Ni-Cu sulphides?? 15 Significant Ni-Cu sulphides drilled at: • VC-07 East, VC-07 West & VC-23 Multiple EM conductors yet to be drilled, including high-priority targets at: ADVANCING ANDOVER TO MINE DEVELOPMENT Heritage approvals received Heritage approvals awaited Skyline VC-23 VC-18 VC-41 VC-24 VC-30 VC-31 VC-32 Stage 1 Metallurgical Testwork Completed Conventional sulphide flotation delivers excellent metal recoveries and concentrate grades No deleterious elements & attractive Fe:MgO ratio Separate high-quality Ni-Co and Cu concentrates 16 Project de-risking - Metallurgy Optimisation to deliver further improvements Nickel Cleaner Flotation Test Copper Cleaner Flotation Test Ni (%) Cu (%) Co (%) Fe (%) S (%) SiO 2 (%) MgO (%) Head Assay 1.20 0.58 0.05 17.6 9.00 38.1 8.44 Nickel Copper Cobalt Grade (%) Recovery (%) Grade (%) Recovery (%) Grade (%) Recovery (%) Nickel Concentrate 15.7 79.4 2.0 20.0 0.57 67.7 Copper Concentrate 0.8 1.1 25.5 70.4 0.04 1.19 Bulk Concentrate 8.0 87.3 4.4 92.7 0.30 80.3 Internationally marketable Ni-Cu bulk concentrate (Refer ASX: 6 September 2021) ADVANCING ANDOVER TO MINE DEVELOPMENT Well funded to advance Andover VC-07 East resource drill-out completed: Mineral Resource by ~Q1 2022 VC-07 West drilling underway Exploration drilling: Skyline, VC-23, VC-18, VC-41 etc Development Studies progressing well • Metallurgical test work • Geotechnical & mining • Community, heritage & environment • Infrastructure & logistics 17 ADVANCING ANDOVER TO MINE DEVELOPMENT Azure & Andover – a very attractive combination Right commodities ? High value, green and clean battery metals of the future ? Nickel, copper and cobalt are in a rising metals price market Right land position ? Controls most of the Andover Layered Mafic-Ultramafic Intrusive Complex Right people ? Experienced corporate, exploration and mine development team ? JV partnered with major shareholder Mark Creasy Systematic exploration ? Two nickel-copper-cobalt discoveries to date ? Pipeline of multiple undrilled anomalies and targets Strong cash position ? $24.7M (@ 30 September 2021) 18 ADVANCING ANDOVER TO MINE DEVELOPMENT GOLD BARTON (AZURE 100%) TURNER RIVER (AZURE 70% / CREASY GROUP 30%) GOLD PROJECTS TOO GOOD TO PASS UP 20 Turner River Barton Barton and Turner River TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Barton Gold Project (100% Azure) 21 Genesis Minerals 1.6Moz Au Saturn Metals 944,000oz Au Kookynie Project Metalicity / Nex Barton Project 100% Azure 644km 2 - located in the middle of the Kookynie Gold District Strong regional gold endowment with multiple gold deposits • Genesis Minerals 1,608,000oz Au • Saturn Metals 944,000oz Au District M&A activity accelerating • St Barbara / Kin • Genesis / A & C Mining • Metalicity / Nex TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Under-explored property in a hot gold district 22 Daisy Corner Structural Targets Limited historical bedrock drilling intersected shallow gold mineralisation Daisy Corner (drilled 1995-97) • 40m @ 0.20g/t Au • 18m @ 0.77g/t Au (incl. 7m @ 1.26g/t Au) • 8m @ 0.53g/t Au Daisy Corner adjoins Genesis Minerals’ Puzzle North gold discovery (Refer ASX: 4 September 2020) TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Systematic air-core drilling planned for structural targets in Q1 2022 Heritage surveys in progress Walk-up drill targets 23 RC drilling expected to start at Daisy Corner in early December TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Aeromagnetic survey completed with multiple targets identified RC drilling program Turner River Gold Project (70% Azure / 30% Creasy Group) 24 Turner River De Grey Mining 450km 2 in unexplored gold-rich district structural setting Right geology and structural setting with 12km strike of the Berghaus Shear Zone Adjacent to De Grey Mining’s Mallina Gold Project: • 9.0Moz gold resources, including 6.8Moz Hemi gold deposit Geophysics and systematic bedrock drilling planned for upon granting of tenements TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Building towards a very bright future 25 LEVERAGED FOR SUCCESS Well-funded with ~$24M cash Substantial project portfolio Right team SIGNIFICANT UPSIDE Rapidly growing Andover Ni-Cu sulphide project Great potential for further exploration success DIVERSE COMMODITIES High-value, green & clean battery metals Highly prospective gold projects BUSY TIMES AHEAD Multiple projects delivering progress & news flow through 2021 - 2022 ANDOVER – WA’s LATEST NICKEL DISCOVERY & TWO NEW GOLD PROJECTS IN WESTERN AUSTRALIA’S HOTTEST GOLD DISTRICTS Thank you Tony Rovira Managing Director Azure Minerals Ltd Roebourne 1909
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