Ann: AVL to Sell Precious and Base Metal Rights, page-28

You have to take into account that AVL is really only putting up a small amount of the land overall and still retaining rights to many of the minerals, yet get to benefit from 100% of any mining through owning 5m shares in Bryah.
There is no way AVL could mine just their own holding as it is not very large and is partly at **anintha 43km south west of Meeka and the rest about 125 km north west of Meeka.
The other thing is there is no way AVL would've got $1m for the land if they had just sold the gold and copper rights to an established company imo.
They are in effect getting a chance of a future royalty on ground they would never have mined and do not have to spend a cent of their own precious cash which is always going to be limited for a while. And get 5m free shares in Bryah to off load when they need to at a later date. It's a very good deal imo.