OK, so I looked at this further (no doubt as these are negative I am doing to get smash by some of the holders....again).
Technically AVQ has 3 tenements in SI, Santa Isabel (Kolosori), San Jorge and West Guadlcanal Project (which is still in application for renewal since 2014) and AVQ did relinquish 2 other tenement they were awarded in 2010 in SI. Hence my argument that SMM can legally do this, but I used the term revoke, and provided link to an article I read after the CoA decision. But I still get smashed by other posters as down ramping and SMM can't do anything because they already held 3 tenements, blah, blah, blah.....
Now AVQ spent 2.5M in exploration in 2014 when the court award AVQ the Santa Isabel tenement after successfully suing SMM, and during that period for a few months before the CoA, AVQ initialize the drilling and into 2015 release their Maiden JORC Mineral Resource estimate public. Yes, some of this cost could have been spent on the WGP, but definitely no Vietnam operation as it has been place in maintenance mode and maybe they did spent on projects in Australia in 2014.
But in 2015 while they were in still in CoA?, they spent 9.1M on exploration and upgrade their JORC Mineral Resource estimate now to 12Mt from 7Mt (WGP was still in renewal, Vietnam operation was still in maintenance mode and I can't see anything about drilling or exploration from Australia in the 2015 financials and we know they haven't commence drilling in San Jorge where they received the PL in early 2015) and yet all of the AVQ's employee primary salary has gone up significantly, the CEO has rise to 50% from 433K to 649K and with performance rights it has gone from 746K to 1.22M (nearly double) and the former HR personnel earned 159K in 2015.
And yes from the old financial report, the non-JORC reported that these tenements could have 137Mt of laterite nickel ore but the estimate used wasn't JORC mining industry standard as JORC didn't exist then.
