Hi Baro, Yes it is an interesting one and too be honest theres...

Hi Baro,

Yes it is an interesting one and too be honest theres none that I can think of off the top of my head without doing extensive research. What I also like is theres no hype or DT's in the SP, god help us when that arrives.

Hypothetically in regards to the significant discovery that will also be interesting to see what S32's play is. AQD is predominantly an explorer so I don't think they will want to go 20% of the capital cost to the development of the project I don't think it suits their business model, nor do I think S32 will want to pay 100% of a capital cost and give AQD a 20% royalty each year on profit either.

What I think will potentially happen and this is obviously a complete hypothetical is that they will pull Chololo (if paydirt) from the SAA and I think they will revise an agreement for that project, i.e S32 95% ownership and 5% royalty on profit to AQD with AQD needing to not contribute to capital costs of the project, for example.

The other one is if one or two of these projects are monsters s32 will just swallow AQD. In the scheme of thimgs it would not cost them much. S32 want too diversify they're hungry for this. Hence the new project in the SAA. Whats potentially 200-300m to buy AQD out at a premium.

Anyway all hypotheticals and we obviously have to find something first. But Graeme and the team have put together the framework the past 3-4 years and now with a bit of luck one of these projects can become a Company maker. I am confident on their tenements in Peru there is nice grade copper, they just need to find it.

Anyway what a joyful tuesday. Nice to know a drill is finally turning.

GL