Ann: Alara Announces New JV Partner in Saudi Arabia, page-35

IMO The JV has been established to develop a track record of successfully applying for a ML. This is the company that the DMMR will give the Khnaiguiyah MLs to. Then AUQ will give Bayan 40 mil shares when this happens. I think maybe relatively soon. Perhaps after the next court case when Manajem get their justice.

NB Earlier this month, the Licencing and Permits Department of the Deputy Minister for Mineral
Resources’ (DMMR) Office confirmed that:
(1) Bayan’s Exploration Licence application for the Ash Shizm site had been accepted;
(2) Bayan had paid the required licence fees; and
(3) DMMR is processing the application in accordance with prescribed procedures with a view
to issuing Bayan an exploration licence.

ALSO
(b) 40 million fully paid ordinary shares in Alara upon issuance of a Mining Licence to Bayan or
JVCo (as the case may be).