Ann: Ceasing to be a substantial holder, page-8

They still have 15m shares, so it may be a recalibration or rebalancing of their holdings, depending on what other investment opportunities they have. It maybe partly be due to some disappointment with the outcome of the Albion plant negotiations in China.

There are alternatives to the Albion process. Other processes can be more economic depending on the size and type of the ore deposit among other factors such as power, labor, shipping, and licensing costs among others. Miners in China also maybe be willing to wait until AAU licensing agreement with Glencore technologies expires and then deal directly with Glencore.

Or it could be something else.