What could potentially have been reduced is exploration...

What could potentially have been reduced is exploration expenditure, by deferring it until after the LD mine starts producing an income. A good amount of the dilution would have been avoided. However, the exporation may turn out to be worthwhile if it allows a share, or all, of the (proven by drilling) resources to be sold. This assumes that the sale makes-up for the dilution we have experienced.

I too have not sold, because I am counting on AAU to have made the right decision about the probabilty of being able to find a suitable buyer or partner. If a good buyer/partner is not found then the expenditure would look like a poor management decision to me. Let's see what happens.