Member Info for Fortissimo

Manlord,

From the company RNS 5th May 2026

"The campaign delivered 712 holes for 34,844m against an original plan of 754 holes for 41,250m. The variance reflects holes deemed unnecessary on the western margin where unmineralised basement was intercepted closer to surface than expected, alongside seasonal access restrictions during crop seeding." END.

It's not a big deal... but surprised you missed it?

Manlord,

The appointment of Canaccord is an indicator that Management tend to 'seek' out the market experts when they feel the market isn't listening eg share price at levels they are unhappy about. Canaccord appointed 13 Nov 2025. Share price 29p. A few weeks earlier... share price was 75p. They appointed Canaccord after the largest wash out in the EEE share price for sometime. The next day, the share price dropped to 26p. However, a few weeks later and EEE were testing 47p so lets hope Zeus deliver much of the same as Canaccord appear to have run out of steam ans looks like Shard are out the door although management have telegraphed that one yet nor do I expect them to.

Agree, it does look like Shard have exited and been replaced by Zeus.

Many miners out there tend to have 2 brokers... not three but that said... some nominate one as the NOMAD for the business.

Hopefully volume/liquidity will ramp up as the news events unfold. Zeus can help with that.

i'm not being critical or bearish at all. i'm just saying don't expect every hole to be a stunner as that's not what the recent drill plan was all about. the company completed drilling in may. they planned a longer drill plan but ended it early due to lower mineralisation. that's fine but wasn't the initial plan. they have already released 88 holes from thomas. the target or optimum grade tio2 is around 6.5% to 7.5%. sweet spot. out of the 712 holes drilled, they've delivered just over 12% assays. some good holes there but also plenty of sub 5% holes too. that's fine as all about defining the mine district and poor grade areas are needed to place infrastructure on etc... you don't want to build the staff toilets on an area that is 7.5% grade do you.

mre was delivered once the markets were back at their desks... post summer. that was my point. it was also 3 months or 12 weeks after the drill plan had completed. hence, my point was... there is alot of momentum to lose if dropping revised mre news into a holiday season when market is sipping ****tails and slapping on the sun cream.

today's news of the jb appointment suggests to me that they are not where they want to be right now (share price wise). that might have more to do with iran/risk off than the ineptitude of current brokers. but one thing is clear, the spread has been poor as has the volume. zeus might be able to add some juice... much needed ahead of asx plans.

vezzer... sub 4% grade tio2 is certainly not a dud... but it's also not ideal. you want 6%+. but with large field sizes like this, there will be weak spots. that's fine as you can stick the staff toilets and living accommodation on those areas.

They ned to get a jog on with the assay results news. That said, it depends on how good they are. If they are average at best, then they likely won't want to batch release them and instead prefer to build or lose them in the updated MRE. Miners that have some significant assay results with high quality finds tend to issue these to the market so tney can sparkle and get some investors excited. Build momentum as they say.

Trouble for management is the timing of it all. Not much point these days issuing significant news into holiday season when traders are away from desks and market switches off for a few weeks returning after the notorious St Leger day. (end of Sept).

July to mid July should be ok but after that... I'd wait and deliver the big news in late Sept or early October when you have the markets attention.

I was expecting assay results around about now. If it edges toward end of June with no assays reported, I'd be guessing that they are not that news worthy in isolation.

Copper prices moving higher again as the tightness in the market that's been predicted for years begins to hit home.

Forward month US copper hit $6.65 today, close to retesting the May record high. (US copper includes Trumps premium/tariff circa 6%). US to decide on tariffs on copper imports at the end of July so some pricing in ahead of that.

London 3 month copper tested $13,600/tonne.

Citi has now flipped bullish on copper and says that uncertainty over US tariffs and hopes that the Strait of Hormuz will reopen by summer will push copper prices higher. They believe $15,000/tonne is attainable within next 12 months.

“We anticipate further strategic ambiguity from US policymakers rather than a definitive announcement of a tariff and believe that the administration will not impose a refined copper tariff but will avoid stating this definitively to maximize incentives to maintain excess copper inventory in the US,” Citi analysts wrote.

Goldman Sachs on Monday raised their year-end copper price target to $13,735 per metric ton from $12,465 previously.

Morgan Stanley also sees $15,000 copper:

"Copper is already trading near all-time highs, and net longs on COMEX are at a record level. However, with supply disruptions rising, US imports expected to stay strong for now and signs that China is restocking on dips, any pullbacks in copper are likely to be short-lived in our view. The US tariff decision remains key, but the current COMEX-LME spread should be attracting metal. A decision to raise tariffs could accelerate the move higher."

All looking just dandy for AAZ's much anticipated Q2 production numbers in early July. The bots and algo's will be looking for copper plays with urgency.

Looks like the mm's and brokers are tight for stock and continue to tap up leading investors and insiders for shares. Some Pi's are getting calls too! Would you like to sell some of your shares sir? Erm... no thanks, you can buy 'em in open market like everyone else!

Copper starting the month well up 2% after consolidating in last week of May.

Bodes well.

The world still doesn't seem to realise that AI can't happen without precious metals especially copper. Yet.. markets happy to price in to DOW and S&P ai growth.

It's a bit like trying to make pancakes without eggs. About time the market started asking question about the 'speed' of the AI boom based on the actual build/crucial metals availability inc manufacturing pathlines.

Copper deserves to be $7+ if we are breathing the same air that's inflating the AI euphoria.

Aligns with what I said in April

"Great Q1 numbers' 15 Apr 2026 07:22

Cash pile growing with speed now. Inventory build a welcome addition. If they pile that into q2, then possible they could have close to or over $50m in cash by end of q2. Could they end the year with $100m in cash?? That would surely demand a £500m to £600m cap minimum."

I agree with him that this could be $10m higher at $110m if metal prices remain strong , especially copper.

Market cap needs to get to £500m to £600m range to align with that cash flow generation. And with the guided plan for upside exploration/additional mines in coming years there should be some excitement built in which delivers a higher p/e ratio circa 10 or 12 would be fair. On that basis... it's heading for £1bln market cap but ops must deliver without delays.

Minor volume on close but nice 360p print for the week.

I did say 350p/375p spread would be here before you know it.

Good weekend folks. Long long way to go here... £5 by the AGM??? I wouldn't rule it out. It's so underpriced based on metal prices and upcoming production report/numbers.

PM's have drifted as the US/Iran negs drift along yet in contrast to that weaker performance, AAZ has clawed back some lost ground after the Iran sell off down to 220's.

As I said a while ago, AAZ did not partake in that sector rerate when PoG moved from $4500 to $5500oz. Ditto with copper move from $5 to $6.

The point is a simple one, if Iran/US negs conclude or look like entering the sharp end (as per news today) then after a month long sell off on PM's, the tide could be about to turn again. And this time, AAZ will be locked and loaded with the news required to seriously ride that sector bounce back wave.

Stock is tight and MM's know there will be some round number sellers at 400p. They are taking their time getting it there. But can't see them achieving the volumes required to get a proper supply/demand balance going on the shares until it reaches £5 (after a wee shake at 400p).

Buyers sitting on sidelines waiting for a pull back will be waving the train good bye in my opinion. 350p open tomorrow? Then suddenly it's 350p/ 375p spread and those sidelined are thinking... it was 320p to buy 3 days ago grrrrrr! That's the way it goes with low float stocks that are undervalued. That said... it works the other way too upon bad news. But AAZ looks like a good news story QoQ based on recent presentation.

Sajy, in my experience, all the good and promising miners get snapped up. It's just the way it is. However, I do agree with you to some degree in that AAZ has a quality management team and they are not in this for a quick exit. Quite the opposite.

Looking forward to all those MRE updates coming our away over the next few weeks/months!

Next production update due for early July.

Well done on building your sizable holding. Not easy to acquire a decent holding on AAZ these days as brokers/mm's very tight handed with stock. Bodes well.

That was a great investor meet presentation. AAZ really stepping it up. So much to digest but they are seriously sitting on major resources which if brought online over the next 2 to 3 years as planned will see this company transformed into a multi billion dollar outfit. Seriously exciting stuff.

My only fear or worry now is that someone takes us out before we get too advanced. Numbers that raise eyebrows will be dropping QoQ here on however, currently, we are still under the radar somewhat so easy prey. Any bidder coming in now would have to pay £5+ imho to get some to capitulate and even then that's the flaky type. AAZ has some large insider holders so that offers some safety.

The only concern for buyers or II's/fund managers now is .... how can I get a decent holding?? Simple question but the truth is if shareholders currently sit on hands, then there is virtually nothing to buy. Stock is very limited. Moving the sp to 350p+ or even 375p levels mights see some traders cash in, but that's not enough stock to meet demand imho.

What we have here is almost like a private club building. Those that are IN... and not selling or going anywhere as they know £6+ is around the corner and £10+ around the next corner after that (subject to operational performance of course). Oh... and then there's the dividends.

The way this is going, it's almost like a private off market biz. Trying to buy decent size wedges of AAZ is almost impossible with a number of MM's just sitting on their hands. They know where this is headed and are not giving away stock. Instead, they are just fishing for some cheap shares in hope some or a few offload to them.

The float is so small here, it's potentially creating a monster size share price move when the next numbers land.

Just my opinion!

I think the reason the stock has caught some wind at long last largely due to today's confirmation on the year end target for production. I think a few thought the slow Q1 would see them slip to the lower side or miss estimates.

The confidence from management is refreshing as we know they are conservative. I wouldn't rule them out 'beating' estimates by some margin. But it's down to operational performance and that's ultimately what it all about this year.

This stock is worth £6+ if all aligns and production flows as planned and that's based / aligned with other miners. Should copper surge higher in H2... well... strap yourselves in!

Depends on the assays of course, they can cherry pick and headline the RNS with the 'biggies' but equally they tuck away the not so great ones. Usually it's a mixed bag with the hope that the headline holes/assays steal the show. Last you want to do is issue 2 or 3 great batches of assays followed up by a couple of poor ones.

Shaun has proven to be very adept at understanding the right mood music to play and when.

Worth noting that not all holes are drilled to define huge resources. Some are designed to find the edges or where the grades tail off. These are just as important as the great grade discoveries as they help define the footprint and save on future drill costs.

There comes a time when a miner needs to define where the camp is going to be set up. Where the toilets are going etc etc. Last thing you want to do is sticky the dunny and sleeping quarters right on your shallow high grade resources.

I managed to snaffle a few more at 32.5p and 33p today. Agree, if all goes to plan these will be in demand.

Volume certainly a bit more juicy today and dare I say it... feels a bit more like some decent news might arrive soon. Volume is your friend... when it ticks up it normally means news due.

Next few months should be pretty strong for EEE.l after a period of consolidation and of course the recent funding deal. Soon be time for the AIM pumpers to arrive... of which I am not one! But they will arrive... and that's your sign this is in play ... 'again'.

Yes agree but 'plans' to and 'confirmed' are two different things. Just being cautious.

I think the interim divi likely to be 3p too (double the 2025 y/e). That's still ultra conservative. Good to see progress being made on the mines too.

"We will also continue to develop the Xarxar and Garadag copper deposits and look forward to bringing these into production in the years ahead."

Exciting place to be for investors.

Yep, great news to see the dividend reinstated. The mark of a confident and free cash flowing company. The wording in the RNS/results suggests that the 3p divi is largely retrospective (for 2025) and that there might be another divi coming in 2026. It doesn't say that exactly, but I'm reading between the lines.

This should start to see some funds/ii's buying in as their are many 'trackers' out there that invest only in companies that issue dividends.

This years results (or interims) are going to blow the doors off last years numbers.... so would be fair to assume the dividend will be double or more when the next one lands. Again... just a hunch!

Rossannan,

Bids are to be expected. That's the fear near term as when those quarterly numbers start hitting the market, it's going to light up the business for all to see. I do wonder whether management found the most recent bid by ACG as a bit of a worry/warning shot. Caught a bit unawares? Perhaps they've learned from that and already put in place a defense plan? That would be how I would expect a decent management team to react with a view to securing greater returns to investors over next 5 years+.

Couple of things stick out for me...

1. Appointment of Peel Hunt. This looks proactive and defensive imho.

2. The AGM date announcement was made March 26th??? The AGM date is June 24th. Is it normal to plan that far in advance?? In 2024, AAZ notified market of AGM in June at end of May. eg; the basic 21days+ timeframe that most abide by.

So why the 3 months notice?? They could have dropped that news around about now and been fine.

I don't want to over speculate here... but what if they planned a corporate event before then. Which needs a vote at the AGM? That would require posting of special conditions around about next week.

Do they have a proactive plan to implement some corporate structural event to keep likes of ACG and others at bay?? Possibly some partner deal with Azer gold/government?

Something feels like it's stirring here (for the good) and I'm expecting that to unfold in next week or two. Might be nothing... or it could be something transformational. In meantime, ops and free cash flows will be building nicely.

to the forward looking investor it's trading at a 50% discount to where it should be. but that gap will close with each quarter of proven numbers and cash flows subject to market conditions remaining supportive.

i think the back of *** packet concensus on $100m cash free flow equates to around £700m to £800m market cap based on similar 'cash free flow' businesses.

i think aaz should have $50m or more in free cash flows by q3 and heading to a cash pile (excluding divi payments if they come) of around$75m year end and $100m heading into q1 2027. once the market starts to see that cash build and quarterly operational performance on newer mines delivered qonq, then you'll see share price in the £6 range in my opinion. lots depends on how aggressively they go about developing new mines in folio. eg capex control.

but against market and based on comparisons that i have over 20 producing miners and service (oil & gas) companies, the sp should be 380p to 400p right about now. next update will give the market the numbers they are looking for to start 'pricing' some optimism in rather than discounting on pessimism. that said, the last quarter update did show some typical teething problems with new mines.

market backdrop should improve greatly with iran/us war put to bed and i think trump needs this sorting asap if he has a chance of saving the upcoming mid term elections. he'll want the stock market bouyant going into november. perfect timing for aaz mid oct quarter update which should be the best one of the year.

Divestment more likely part of the tidy up ahead of the ASX listing.

Like manlord said... getting ducks in order.

Also, non core assets are disliked by financiers/JV partners as you never know what kind of cash drain they present in the future. Ist tier investors like to be involved with the 'main' asset and not have to worry about wayward management teams that suddenly decide to go off and explore something else in the folio.