{"id":94410,"date":"2016-08-16T12:22:44","date_gmt":"2016-08-16T16:22:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=94410"},"modified":"2016-08-16T12:22:44","modified_gmt":"2016-08-16T16:22:44","slug":"exclusive-ceo-interview-dusty-nicol-azarga-metals-corp","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/08\/exclusive-ceo-interview-dusty-nicol-azarga-metals-corp\/","title":{"rendered":"Exclusive CEO Interview Dusty Nicol, Azarga Metals Corp"},"content":{"rendered":"<div id=\"inves-1708190087\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 16, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By<\/strong>\u00a0<b>Peter Epstein, CFA, MBA \u00a0\u00a0<a href=\"http:\/\/epsteinresearch.com\/\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/epsteinresearch.com\/&amp;source=gmail&amp;ust=1471434963812000&amp;usg=AFQjCNFP67yY0pwxDSDRhlVifLzIzeY53w\">http:\/\/EpsteinResearch.com<\/a>\u00a0<a href=\"mailto:epstein.peter4@gmail.com\" target=\"_blank\">e<wbr \/>pstein.peter4@gmail.com<\/a>\u00a0<\/b><\/p>\n<div>\n<p><span style=\"font-family: georgia, serif;\">The following exclusive interview of\u00a0Dorian (\u201cDusty\u201d) Nicol\u00a0was conducted by phone and email in the week ended August 12th. Nicol is Director, President &amp; CEO of\u00a0Azarga Metals Corp (TSX-V: AZR). [NOTE\u00a0{<em>Azarga Metals Corp is separate and distinct from Azarga Uranium<\/em>}]. His vast mining experience is difficult to capture in a succinct bio, but here it is. \u00a0<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Dorian (\u201cDusty\u201d) Nicol,\u00a0Director, President &amp; CEO Azarga Metals Corp<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"font-family: georgia, serif;\">40-years international experience in exploration and mining<\/span><\/li>\n<li><span style=\"font-family: georgia, serif;\">Successful track record of managing exploration and development projects worldwide<\/span><\/li>\n<li><span style=\"font-family: georgia, serif;\">Member of the American Institute of Professional Geologists, a Fellow of the Society of Economic Geologists, a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and Registered Member of the Society of Mining Engineers<\/span><\/li>\n<li><span style=\"font-family: georgia, serif;\">B.Sc. in geology from Massachusetts Institute of Technology (M.I.T) and a Master\u2019s Degree in geology from Indiana University and<\/span><\/li>\n<li><span style=\"font-family: georgia, serif;\">is fluent in six languages.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: georgia, serif;\">Nicol told me (<em>as if it was no big deal<\/em>) that he\u2019s worked in over\u00a060\u00a0countries, including several hosting Soviet era deposits and resources. He feels that the junior mining sector has seen the bleakest days of the cycle and is excited to be leading an early-stage copper-silver company in Russia. Nicol is especially optimistic about\u00a0Azarga Metals Corp (TSX-V: AZR)\u00a0(\u201cAM Corp\u201d) because the Company appears to be sitting on a large, high-grade, drilled and defined Soviet Era mineral deposit. I say, \u201cappears to be,\u201d because the mineral deposit is not NI 43-101 compliant. However, if historical drilling and other important exploration data, can be validated, Nicol feels AM Corp\u00a0could be sitting on a world-class copper-silver resource. Armed with C$2 million in cash,\u00a0<a href=\"https:\/\/www.euresources.com\/news\/2016\/azarga-metals-commences-drilling-unkur-copper-silver-project\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.euresources.com\/news\/2016\/azarga-metals-commences-drilling-unkur-copper-silver-project&amp;source=gmail&amp;ust=1471434963812000&amp;usg=AFQjCNFThSAeqdsse_-9-zk05Tr33bvo0w\">drilling is well underway<\/a>.\u00a0Results are expected throughout the 4th quarter.\u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">The views, facts and opinions expressed in the interview are entirely those of Mr. Dorian Nicol.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"CToWUd alignleft\" src=\"https:\/\/ci5.googleusercontent.com\/proxy\/aYhyr1w5Jon0LwZGI3jBfkZ1-wTdaIN43zmafDZuOkTY7uqO7wMz-VHDtz2Th--WSKPfvVlgn-EzAtyOjRi0nyzVAY85jYgorTL9kNZBC5IsseAbIUCc9pTOfIM7apg9V1B8zFiy0CHbb4Mir_rMRWEzoS8=s0-d-e1-ft#http:\/\/epsteinresearch.com\/wp-content\/uploads\/2017\/08\/Screen-Shot-2016-08-15-at-8.43.09-AM.png\" alt=\"Screen Shot 2016-08-15 at 8.43.09 AM\" width=\"370\" height=\"145\" \/><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Please tell readers about your mining experience and why you became CEO of Azarga Metals Corp.<\/span><\/strong><\/p>\n<div>\n<p><span style=\"font-family: georgia, serif;\">I\u2019m an exploration geologist with over 40 years experience in more than 60 countries, mostly exploring for copper, gold &amp; silver deposits. I speak six languages and I\u2019m comfortable working in most places. I have a B.Sc. in Earth Science from Massachusetts Institute of Technology (M.I.T) and a M.A. in geology from Indiana University. In Papua New Guinea (\u201cPNG\u201d), during the early 1980s, I helped shape the concept that\u00a0epithermal precious metal deposits occurred at the tops of porphyry copper systems. I led several of reconnaissance teams that explored the Highlands and smaller islands off PNG. This led to the discovery of several deposits including\u00a0Kainantu\u00a0and\u00a0Wild Dog.<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">Since then, I\u2019ve worked around the world, on every continent except Antarctica.\u00a0 Some of the more interesting projects I managed were 1) running the first exploration program by a foreign company in Brazil, when that country liberalized its investment laws, and 2) putting together a program for\u00a0Anglo American\u00a0to explore for gold along the East African rift.\u00a0 In 40 years, I\u2019ve been exposed to a wide variety of ore deposits. The deposit I\u2019ve been tasked with running stacks up quite well against dozens of others I\u2019ve been an integral part of. \u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">I think my greatest success as an explorationist was at the\u00a0Jerritt Canyon Mine\u00a0in Nevada, where my program discovered over 1.5 million ounces of gold at an average discovery cost of just US$18\/oz.\u00a0 Although my focus is exploration geology, I have also built and managed operating mines and taken projects through Feasibility Studies, so I know what it takes to turn a mineral deposit into an economic ore body.<\/span><\/p>\n<\/div>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Please describe Azarga Metals Corp to readers unfamiliar with the story<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Azarga Metals Corp\u00a0\u00a0[TSX-V: AZR],\u00a0formerly known as European Uranium Resources. Our principal asset is a 60% interest \u2013 with ability to increase that to 100% \u2013 in the\u00a0Unkur Copper-Silver\u00a0project (\u201cUnkur\u201d) in eastern Siberia, Russia. Unkur is a high-grade deposit that was drilled and defined during the Soviet era, and demonstrated room to grow both along strike and down dip. So, I perceive the geologic risk as relatively low for a company like ours.\u00a0We are a lean, highly focused company. Non-executive Chairman\u00a0Alex Molyneux\u00a0and I believe in minimizing corporate overhead, and spending as much as possible in the ground.\u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">AM Corp just began its first phase\u00a0drill program at Unkur, with an objective of drilling 8 to 10 holes totaling about 3,000 meters.\u00a0 We may increase that to 4,200 meters depending on results. The goal is to verify historical drill results, to form the basis for a maiden NI 43-101 compliant mineral resource estimate. We hope to deliver a maiden resource in 1q 2017. Our objective beyond that will be to continue verifying and expanding the mineralization so that we can fast-track the project through a third-party Preliminary Economic Assessment (\u201cPEA\u201d) and, if warranted, continue thru a Feasibility Study (\u201cFS\u201d).<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Can you tell us more about the\u00a0Unkur Copper-Silver Project?<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Yes, of course. The Unkur exploration license comprises about 54 square kilometers in eastern Siberia. Access and infrastructure is quite good, with a commercial airport running flights to Chara, 25 kms away. A main railway line providing transport to China is only about 7 kms from our property. A power line runs across the license area.<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">Unkur is a sediment-hosted stratiform copper-silver deposit.\u00a0 This means its geometry is like the layer of frosting in a layer cake.\u00a0 The mineralized horizon has been traced, from historic drill holes, trenches and outcrop, for a length of about 5 kms. It was drilled during the Soviet era.\u00a0 My experience from other deposits I\u2019ve worked on is that Soviet era data are usually fairly reliable. Still, we will be verifying the data with independent drilling and sampling to generate a maiden NI 43-101 mineral resource estimate.<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">Eight historic diamond drill holes returned copper samples with grades greater than 0.6% Copper (\u201cCu\u201d).\u00a0 The average length of these intersections is 13 meters at an average grade of 0.78% Cu.\u00a0 The average silver (\u201cAg\u201d) grade is 68.3 g\/Metric tonne (\u201cMt\u201d).\u00a0 At spot prices, that equates to nearly, \u201cUS$ 80\/Mt rock.\u201d A key objective of our drilling will be to get a better handle on copper grades and understand how the distribution of silver is related to the copper mineralization. Preliminary metallurgical testing indicates solid copper and silver recoveries. {<em>See March 2016<\/em><em>\u00a0SRK Technical report<\/em>}<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"CToWUd a6T alignleft\" tabindex=\"0\" src=\"https:\/\/ci5.googleusercontent.com\/proxy\/uEtGn7vv7SnU_R1lcr0GPWmP2-_tkR4dN-qnNpjdmm7dyRSDW7Tu8MCoYpxZZ8GX38kALKO4RMvLszWfO7rGqgENA-EshOuWjJPD2Tcflha6tZiaJ9S5Qxz3jgLptWrOGBAnuPKROlnx87is3fvLhB1O5QQ=s0-d-e1-ft#http:\/\/epsteinresearch.com\/wp-content\/uploads\/2017\/08\/Screen-Shot-2016-08-15-at-8.41.16-AM.png\" alt=\"Screen Shot 2016-08-15 at 8.41.16 AM\" width=\"302\" height=\"566\" \/><\/p>\n<blockquote><p><em><span style=\"font-family: georgia, serif;\">Soviet era resource estimates have their own arcane classification system, which does not relate well to the NI 43-101 categories of Inferred, Indicated &amp; Measured. However, some of the historic Soviet, \u201cprognostic\u201d estimates range as high as 138 million Mt at 0.78% Cu.\u00a0 Obviously, I don\u2019t want to hang my hat \u2013 or my reputation! \u2013 on a historic, unconfirmed, non NI 43-101 compliant estimate\u2026but, we feel it provides a rough idea as to the order of magnitude of deposit we\u2019re after. For the purposes of exploration planning and budgets, we have a\u00a0conceptual target\u00a0of 60 to 80 million Mt Cu equivalent. Our initial goal is to delineate 20 to 40 million\u00a0Mt, at grades consistent with historical values.<\/span><\/em><\/p>\n<p><strong>Some may find the\u00a0ownership of your primary asset confusing. Why is the Company structured with a put\/call option on 40% of the\u00a0Unkur Copper-Silver Project?<\/strong><\/p>\n<p>Good question, I know it sounds confusing at first blush, but it\u2019s actually rather simple and very fair to both parties. 60% is what we were able negotiate with project vendor,\u00a0Azarga Metals\u00a0(\u201cAM\u201d) [NOTE: {<em>Dusty\u2019s Company is\u00a0Azarga Metals Corp., and the vendor is Azarga Metals<\/em>}]. But, obviously, we needed a clear path towards 100% ownership. So, our Agreement provides for a call on the remaining 40%, while AM has the right to put its 40% interest to us. So, one way or the other, we end up with 100%, with the valuation of the 40% stake to be negotiated at the time of exercise. We have seen this type of arrangement work very well with other companies and projects.<\/p>\n<p><strong><span style=\"font-size: large;\">Who are the owners of the 40% stake?\u00a0Will acquiring that stake entail equity dilution down the road?\u00a0<\/span><\/strong><\/p>\n<p>Yes, the vendor Azarga Metals, is a private company holding 40% of Unkur. It\u2019s owned by Alex Molyneux and two Russian partners. Since Alex is a shareholder in both AM and AM Corp, I feel that obtaining 100% of Unkur will not be an issue. Regarding funding, it\u2019s too early to tell how we will finance the eventual consolidation of the remaining 40% interest.\u00a0 It could well require issuing more shares.\u00a0 However, we would not do so unless we felt we were issuing shares for appropriate value. So, I view a potential issuance of shares as accretive rather than dilutive.<\/p><\/blockquote>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Do you get push back from potential investors regarding the location of the project? If so, how would you characterize the risk of\u00a0operating in Russia?\u00a0<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Sure, we get push back on that, but it\u2019s really not unlike many parts of the world I\u2019ve worked in. Some are comfortable with this risk, others not so much. We hope prospective investors keep an open mind as they evaluate our Company.\u00a0 Look, you NEED to have a\u00a0<a href=\"https:\/\/www.azargametals.com\/corporate\/management\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.azargametals.com\/corporate\/management&amp;source=gmail&amp;ust=1471434963812000&amp;usg=AFQjCNGn1kuV30YuztzAHVJz0LwCIVsFOQ\">strong local team<\/a>\u00a0that knows the rules and has connections to get things done. In Russia, this is elevated to an art form! On the positive side, infrastructure is very good, and while Russia has a bad reputation in some respects, there\u2019s not a bad track record for foreign exploration companies doing the kind of work we\u2019re doing. And, with oil prices down by 60%, Donald Trump\u2019s good friend Vladimir Putin needs all that foreign investment he can get!\u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">According to the most recent, \u201cFraser Institute Annual Survey of Mining Companies, 2015,\u201d Russia ranks in the top quartile for, \u201c<em>Best Practices Mineral Potential index<\/em>,\u201d and in the 2nd quartile of the category, \u201c<em>Investment Attractiveness<\/em>.\u201d Russia is higher ranked than Colombia, Brazil &amp; South Africa, and ahead of 8 European countries. Russia badly needs foreign investment, and this region in Russia is earmarked for development. We feel that permitting risk in Russia is less than that of many parts of the world, (<em>including parts of North America!<\/em>)<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">Russia is where the minerals are, there\u2019s no way around it.\u00a0NOTE: {<em>Russia ranked 2nd of world\u2019s<\/em><em>\u00a0<a href=\"http:\/\/www.wealthwire.com\/news\/global\/2372\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/www.wealthwire.com\/news\/global\/2372&amp;source=gmail&amp;ust=1471434963812000&amp;usg=AFQjCNF6YuNltU6nWPRfL5LgpFY4ipSdGg\">top 5 richest<\/a><\/em><em>\u00a0mining countries<\/em>}.\u00a0<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Does an\u00a0investment in Azarga Metals Corp. require a bullish copper\/silver price assumption? Would the project be viable at $2.25\/lb. Cu and $20\/oz. Ag?<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">The short answer is: NO, one doesn\u2019t \u00a0require a bullish view of copper-silver.\u00a0 I have managed enough projects and mines to know that, \u201cgrade is king.\u201d My attraction to Unkur is its grade and potential to be both a large and high-grade deposit. Although it\u2019s way too early to speculate on cost metrics, my instincts tell me that the $2.25\/lb. Cu and $20\/oz. Ag would be economically viable. In fact, Alex and I would not be exploring this deposit if we thought otherwise. However, we won\u2019t know for sure until we deliver a PEA early next year.\u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia, serif;\">This is an investment in a highly prospective project managed by an excellent technical team on the ground that can take the project at least through Feasibility. We would all benefit from higher copper and silver prices \u2013 and we do expect them \u2013 but we\u2019re not relying on that for a successful project.<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Although, obviously, pre-PEA it\u2019s too early to tell, are there any\u00a0indications that suggest that operating costs could be competitive?<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Again, \u201cgrade is king!\u201d $2.25\/lb. Cu and $20\/oz. Ag, at grades of 0.78% Cu &amp; 68.3 g\/Mt Ag translates to roughly 1.75% Cu equivalent. We think that the combination of grade, mining conditions, location and infrastructure, plus indications of good metallurgy, suggest that Unkur should be competitive on operating costs.\u00a0 We expect a more in depth discussion with readers on this topic in about a year\u2019s time.<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif;\"><span style=\"font-size: large;\">It appears that you have a fairly clean capital\u00a0structure, can you\u00a0give readers the latest snapshot?<\/span>\u00a0<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Yes, unlike most junior miners, our capital structure is quite clean. We closed a $2 million financing of shares, (<em>no warrants<\/em>), which certainly helped. Right now we have 43 million shares outstanding, and about 45 million fully-diluted. That includes 2 million incentive stock options granted to management and directors at $0.20\/share, and 500,000 restricted share units.\u00a0<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">How long might Azarga Metals Corp\u2019s cash balance last?\u00a0<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">We feel we\u2019re funded for up to 18 months with the cash we have, depending on how aggressive we get on drilling. That decision will be made in the context of drill results and market conditions.\u00a0 It\u2019s always a dilemma in my job; we want to make the money last as long possible, and we also want to advance the project. This is an ongoing calculus that Alex and I, as well as our Board and management team, are in frequent discussions about.<\/span><\/p>\n<p><strong><span style=\"color: #000000; font-family: georgia, serif; font-size: large;\">Please describe upcoming catalysts for the remainder of the year. Are all of the corporate initiatives funded?<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Catalysts for this year are simple: drill results and a concerted effort to support our thesis that Unkur is a massive Cu-Ag deposit. Hopefully, strong drill results will better alert the market of AM Corp\u2019s potential. We believe we\u2019re fully-funded thru 2017. But, this is not to say we would not opportunistically raise additional capital. We are not planning to at this time, but I\u2019ve learned never to close the door on these things.<\/span><\/p>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">To the extent that you feel an\u00a0investment in AM Corp\u2019s shares offer compelling risk\/reward, how do you articulate that thesis?<\/span><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"CToWUd a6T\" tabindex=\"0\" src=\"https:\/\/ci4.googleusercontent.com\/proxy\/mjt_6ypzR3urJNwUjRSBE2enazjIjHT0WCAB7g4WKDJl0WI69GiXiwuHBVyKnJBNGJZrVLBDRYukupOfeGbw_3xhZrPxt89Eg-qupLmHoJ6v3QgppKJHRw687nzlZnveLKoDDt9lB90Nxe1D35hnfV3dIkg=s0-d-e1-ft#http:\/\/epsteinresearch.com\/wp-content\/uploads\/2017\/08\/Screen-Shot-2016-08-15-at-8.53.22-AM.png\" alt=\"Screen Shot 2016-08-15 at 8.53.22 AM\" width=\"400\" height=\"297\" \/><\/p>\n<blockquote><p><em><span style=\"font-family: georgia, serif;\">Very simple; we are valued like a green fields early exploration company. However, Unkur has already been partially drilled and found to host strong Cu equivalent grades on a large, historical, Soviet era resource. That alone makes the geological risk lower than in many projects around the globe. The reward part of the equation is the that we strongly believe the valuation of AM Corp would increase if\/when we demonstrate the deposit is tangible, sizable and high-grade. Evidence of this could come with drill results, but confirmation would probably need to wait for a PEA.\u00a0NOTE: {Data obtained by AM Corp is not, and never was, NI 43-101 compliant}.\u00a0<\/span><\/em><\/p><\/blockquote>\n<p><strong><span style=\"font-family: georgia, serif; font-size: large;\">Are\u00a0there misconceptions about\u00a0Azarga Metals Corp that you would like to address?\u00a0<\/span><\/strong><\/p>\n<p><span style=\"font-family: georgia, serif;\">Yes, thanks for asking. There are two, which I already touched on. To reiterate, Unkur is not a green fields exploration project, it\u2019s a past (Soviet era) drilled and demonstrated resource. This is key to our contention that we are on a steep slope of the value creation curve. Also, there\u2019s the perception that working in Russia is especially risky. For some this might be a non-starter. But, if our deposit were in Chile or Peru, our market cap would probably be a multiple of what it is today. High risk, high reward potential. I can tell you one thing with certainty, I would rather be working in Russia than in A LOT of other places I\u2019ve lived and worked in.<\/span><\/p>\n<p><a href=\"https:\/\/www.azargametals.com\/\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.azargametals.com\/&amp;source=gmail&amp;ust=1471434963813000&amp;usg=AFQjCNGIsDtjKpzgY4WM0qw-V9QtSxq5GA\"><span style=\"font-family: georgia, serif; font-size: large;\">Corporate Website<\/span><\/a><\/p>\n<p class=\"gmail_default\"><span style=\"font-family: georgia, serif;\"><u>Disclosures<\/u><em>: The content of this interview is for informational purposes only. Readers fully understand and agree that\u00a0nothing\u00a0contained in this interview by Peter Epstein, of Dorian (\u201cDusty\u201d) Nicol, \u00a0Director, President &amp; CEO of\u00a0<\/em>Azarga Metals Corp<em>,\u00a0<\/em><em>including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is to be considered, in any way whatsoever, implicit or explicit investment advice. Further,\u00a0nothing\u00a0contained herein is a recommendation\u00a0or solicitation to buy, hold or sell any security. The content contained herein is not directed at any\u00a0individual or group. Peter Epstein and \u00a0<\/em><a href=\"http:\/\/epsteinresearch.com\/\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/epsteinresearch.com\/&amp;source=gmail&amp;ust=1471434963813000&amp;usg=AFQjCNHPtxU6Ahc02UyL8olq-piZIehezQ\">Epstein Research<\/a><em>\u00a0[ER]\u00a0are not\u00a0responsible, under any circumstances whatsoever, for investment actions taken by the reader.\u00a0Peter Epstein and \u00a0[ER]\u00a0have never been, and are not currently, a registered or licensed financial advisor or broker\/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and they\u00a0do not\u00a0perform market making activities. Peter Epstein and\u00a0[ER]\u00a0are not\u00a0directly\u00a0employed by any company, group, organization, party or person.\u00a0The shares of\u00a0<\/em>Azarga Metals Corp<em>\u00a0are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks\u00a0can result in a 100% loss of invested funds. It is assumed and agreed upon by readers of this interview that they will consult with their own licensed or registered financial advisors before making any investment decisions.<\/em><\/span><\/p>\n<p class=\"gmail_default\"><span style=\"font-family: georgia, serif;\"><em>At the time this interview was posted, Peter Epstein owned shares and stock options of\u00a0<\/em>Azarga Metals Corp<em>\u00a0<\/em><em>and the Company was a sponsor of<\/em>\u00a0<a href=\"http:\/\/epsteinresearch.com\/\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/epsteinresearch.com\/&amp;source=gmail&amp;ust=1471434963813000&amp;usg=AFQjCNHPtxU6Ahc02UyL8olq-piZIehezQ\">Epstein Research<\/a>.\u00a0<em>Any comparison between or among companies is for illustrative purposes only and should not be taken as fact or relied upon.\u00a0Readers understand and agree that they must conduct their own due diligence above and beyond reading this interview. While the author believes he\u2019s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful.\u00a0Mr. Epstein &amp;\u00a0[ER]\u00a0are not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts &amp; financial calculations, or for its\u00a0completeness. Mr. Epstein &amp;\u00a0[ER]\u00a0are\u00a0not expected or required to subsequently follow or cover events &amp; news, or write about any particular company or topic.\u00a0Mr. Epstein and\u00a0[ER]\u00a0are not experts in any company, industry sector or investment topic.<\/em><\/span><\/p>\n<\/div>\n<p class=\"gmail_default\">\n<p class=\"gmail_default\">\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Peter Epstein, CFA, MBA \u00a0\u00a0http:\/\/EpsteinResearch.com\u00a0epstein.peter4@gmail.com\u00a0 The following exclusive interview of\u00a0Dorian (\u201cDusty\u201d) Nicol\u00a0was conducted by phone and email in the week ended August 12th. Nicol is Director, President &amp; CEO of\u00a0Azarga Metals Corp (TSX-V: AZR). [NOTE\u00a0{Azarga Metals Corp is separate and distinct from Azarga Uranium}]. His vast mining experience is difficult to capture in a succinct [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-94410","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=94410"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94410\/revisions"}],"predecessor-version":[{"id":94411,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94410\/revisions\/94411"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=94410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=94410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=94410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}