Ann: Strategic Partnership with Zijin Mining and Placement, page-31

But that is the issue isn't it. If the funds go to the JV then this values 76.5% of Kharmagtai at US$35 million. That is, Zijin contributes in US$35 million and XAM contributes in their share of Kharmagtai and we have a 50/50 JV. Therefore, these two contributions are equal.

Yet XAM is on record saying that this transaction puts Kharmagtai value at >A$100 million. This would necessitate that the US$35 million flow to XAM not the JV.

So it seems what is being said is US$35 million goes to the JV therefore Kharmagtai is worth >A$100 million. Yet these two statements are contradictory. I think we need some clarity.