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MAIDEN RESOURCE FOR SAN FRANCISCO MANGANESE PROJECT

Mexican-focused Azure Minerals Limited (“Azure” or “Company”) is pleased to announce that it has completed its Due Diligence studies at the San Francisco manganese project with favourable results. Investigations confirm that the deposit is of the size indicated by the Vendor and can be effectively mined and processed with a high operating margin.

HIGHLIGHTS INCLUDE:

- Maiden JORC Mineral Resource of 1,045,000 tonnes grading 30% Mn1

- Significant potential for resource expansion - Exploration Target of additional 2 million tonnes to 4 million tonnes @ 30% Mn to 40% Mn2

- Excellent metallurgical results - simple beneficiation process produces a premium export standard product of +43% Mn

- Road transport and port infrastructure immediately available for San Francisco, including bulk mineral loading facilities with spare capacity at the nearby Manzanillo Port, Mexico’s largest deep-water Pacific port

- Acquisition terms renegotiated with majority of payments delayed until after expected commencement of production and cash flow


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