Ann: 2019 AGM Presentation, page-4

Easy, you hold the KNP project in a separate entity to Ardea which you sell a portion of the share capital to the partner. You hold the peripheral resources in another separate entity, which once a suitable JV partner turns up, you sell a portion of the share capital in to.

Ardea ends up a parent company which owns shares in an entity that controls KNP, and owns shares in an entity / entities that control the other tenements. Potentially down the track once the early goals are met and they are earning money from their ownership interested in operating mines they look at progressing a project solo. Long way away though.