You wrote :
S32 can take over operations after stage 2 drilling, if they chose not to renew their agreement that would leave AQD with 20% yes but also they would be without exploration funding and also as you have mentioned a lot, no administrative revenue.
If S32 decide after stage 2 , not to do any more work AQD OWNS 100%....
the 20% is if S32 keep going on the project thats the MAXIMUM they can earn in is 80% by spending about $4.5 mill on 1 project...
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