I don't like what's being done to existing shareholders either...

I don't like what's being done to existing shareholders either @signalFollower, but does AAU have any other realistic choice? Would they have been able to raise $3m by trying to get it from the general market instead of through a good deal (i.e. free options) for brokers ?

I'm not sure, but am giving AAU the benefit of the doubt. I think they need to be able to raise money whenever the JV requires it in order to keep the JV partner happy and I suspect it is a contractual requriement. Otherwise AAU could avoid all this dilution of shareholders by postponing the exploration until the income form the mine can fund it.

I would really like to be able to read the contract to understand better why AAU does this stuff, but I expect it is confidential. Maybe a question for the upcoming AGM?