Ann: A$13.2m Sale Agreement Executed, page-32

As the largest holder in BMV, don't you think that ultimately the project is worth more to SAU in production than just sitting doing nothing?

Clearly outside cash was needed and the fact that they also wanted equity suggests they see plenty of upside. If the project sits idle with BMV unable to do anything with it then that achieves nothing for SAU. This deal allows them to progress things to the next stage and I don't see it as a massive drama to sell 25% of their total holdings at a discount (note share price has since recovered), and see things progress to the next stage (without having to put any extra SAU capital in). If things go well then their remaining 75% shares will be worth vastly more than they were when the deal was done. If it all turns to crap then they have not lost anything and have actually taken some cash off the table in a highly illiquid stock.

SAU needs to start to produce (no argument with that - the current market cap is appalling ), but as a new shareholder that's what makes it an attractive punt and the above deal looks like a reasonable risk reward play to me.