Ann: Lulo Special Distribution, page-36

I think you'll find that 40% of $22.5M is $9M.

The announcement does not state that all of the proceeds are being distributed, it clearly states;

"a special distribution has been made to the Lulo Diamond Project partners following the sale of the iconic 404 carat Lulo alluvial diamond"

It then proceeds to explain the exact amounts of the JV agreement which would indicate that the $1.75M left after the sale of the 'Angolan Rising Sun' (404), will remain in the JV.

This is definitely a much better announcement than the last one with more to come. ​