Azure boss humbled by growth, progresses takeover offer

Azure Minerals boss Tony Rovira says it has been “incredibly humbling” to witness the growth of the company underpinned by its takeover offers and timely exploration discoveries in the past year.

The Andover project developer said Azure was in the "final processes of closing the latest takeover offer from SQM and Hancock Prospecting" after winning the Craig Oliver Award at the RIU Explorers Conference today. 

Speaking at the conference, Mr Rovira said the company had the “most amazing past 12 to 15 months since the discovery of the Andover lithium deposit” in the West Pilbara. 

Azure’s share price had "gone ballistic" from 12 months ago when it was trading at 26 cents, he said, following exploration announcements and several takeover offers.

Today, Azure’s share price is sitting at $3.62 with a market cap of $1.66 billion, as of 10:30AM AWST.

Mr Rovira said said there had been a lot of activity on Azure’s share register in the past four months, namely with Hancock Prospecting building a strategic stake before lobbing a joint takeover bid with SQM and Mineral Resources buying a 13.6 per cent interest.

He said almost 90 per cent of the company was held by its top 20 shareholders after about 2,500 shareholders sold out. Mark Creasy, through Creasy Group, holds a 12.8 per cent stake and interest in Azure, and major stakes in its projects. 

Mr Rovira said the company was in the final processes of closing the latest takeover offer from Chilean lithium giant SQM and Gina Rinehart’s Hancock Prospecting, after it was launched in December. 

It comes after Hancock emerged as a major shareholder in Azure after SQM had tabled its first $1.63 billion scheme of arrangement bid and subsequent off-market takeover offer for the target.

SQM’s original takeover plan was upended, and two months later Hancock and SQM announced they had partnered under a 50:50 joint venture to make a new and improved $1.7 billion bid.

Like the original offer, it included both a scheme and alternative off-market offer, priced at $3.70 under the scheme or $3.65 should that fall through and trigger a takeover.

Mr Rovira said the company was preparing to release its maiden mineral resource estimate in June, as it directs its focus to the Andover project.

He said they were moving as quickly as possible on the Andover project to make a decision on whether to build a mine, although he said that might change given the takeover offer.

“But for now, it’s business as usual and we will accelerate this project as quickly as possible,” Mr Rovira said.

The Craig Oliver Award was in recognition of Azure's achievements during the past 12 months.