Good point - i didn't include Lakes and non-NT tenements - so add that to my calcs. and yes, presumably burn rate of cash will slow with AED paying the bills for next 5 years.
But I don't understand your last paragraph? AED doesn't think anything is worth $115m at present - they think 75% of the tenements AFTER US$100m has been spent on them - is worth US$111m (remembering you have to calculate NPV for the 5 year time frame). As I show above the unimproved value of the 25% stake remaining for AJQ is only worth about $7m or so in today's dollars.
I have possibly forgotten to factor in the $25m that will be spent on the 25% stake retained by AJQ (this is hurting my brain a bit) - that might add another amount + the bonus $7m payment and value of future debt financing etc..........anyway - each to their own, well played to those who bought in recently.
AJQ Price at posting:
6.8¢ Sentiment: None Disclosure: Not Held
(20min delay)