the IP would be AEM's .. The material would be mined from Mt Hope, the material would be processed into HPA feedstock at a separate plant to the GW JV and the processed Kaolin would be refined into HPA at another separate plant all funded solely by ADN
that's how they can do it 'outside' the JVHi Pezz, as a business person, you would know that excluding an entity from a 'statement' does not exclude that entity from their rights.. The statement 'ADN Kaolin' could be interpreted in several ways as we know depending on who stands to benefit
Only a court of law will determine an entities 'right to' or 'exclusion from' something..
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