Ann: District Scale Prospectivity for BHT deposits at Balladonia, page-29

No I understand it and agree it’s been a great deal for AQD, just looking at it going forward.

I think the 6 projects owned 100% by AQD have had a heap of S32 cash spent and results haven’t delivered, S32 don’t rate them so I doubt anything will come of them and will need cap raise to progress if they want to go any further.

I know there’s results pending and I think some more drilling planned without anything positive from them we could see them pull out of another 2.

My point is going forward the excellent benefits of the JV alliance are decreasing down to 40% of projects. AQD will need more than admin fees to progress their projects.

If they don’t renew their will need to be a cap raise if they do renew their will need to be a cap raise for the 60% of projects owned by AQD.